Diageo announced Wednesday that Chief Executive Debra Crew has stepped down with immediate effect by mutual agreement, ending a tenure of just over a year.
The departure follows a period of weak performance for the maker of Johnnie Walker whisky and Guinness stout, which in February reported a 4.9% drop in first-half operating profit and scrapped its medium-term sales and profit guidance.
At the time, the company cited “macroeconomic and geopolitical uncertainty” for the change in outlook.
Chief Financial Officer Nik Jhangiani, who joined Diageo in the autumn of 2024, will serve as interim CEO while the board searches for a permanent successor, the company said.
Ms. Crew had been CEO since June 2023, having previously served as chief operating officer and president of Diageo North America after joining the board in 2019.
“On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility,” Chairman John Manzoni said in a statement.
The London-based company said its guidance for fiscal 2025 and 2026 remains unchanged and that it will report its full-year results on August 5th as planned.
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