Diageo CEO Steps Down Amid Struggles; Finance Chief Takes Over for Now
Debra Crew, CEO of global spirits giant Diageo, has stepped down from her role after just two years. The company, known for popular brands like Johnnie Walker whisky and Guinness beer, announced that Chief Financial Officer Nik Jhangiani will serve as interim CEO while the search for a permanent replacement continues.
The sudden leadership change comes as Diageo continues to face business challenges, especially in key markets like Latin America and the U.S. The company confirmed that Crew’s departure was by “mutual agreement” and effective immediately, but didn’t share specific reasons.
What’s Going On at Diageo?
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Diageo has been struggling with falling sales, particularly in Latin America.
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A large inventory pile-up there led to a profit warning back in November 2023, shaking investor confidence.
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Since Debra Crew took over in June 2023, high inflation and rising interest rates have hurt consumer spending, impacting liquor sales globally.
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In May 2025, Diageo launched a major cost-cutting plan aiming to save $500 million and sell off some assets by 2025.
Despite the shakeup, Diageo says it’s sticking to its financial forecasts for fiscal years 2025 and 2026.
Shares of Diageo rose briefly—up as much as 4%—after news of the CEO’s exit was first reported by the Financial Times, before settling back down.
What’s Next?
Analysts believe Jhangiani could be a contender for the permanent CEO role, but they caution that Diageo’s challenges run deep.
“Whether Jhangiani or someone else gets the top job, fixing Diageo won’t be easy,” said James Edward Jones, analyst at RBC Capital Markets.
Crew’s exit comes just months after John Manzoni stepped in as Chairman of the Board, adding to the top-level changes at the company.
