All you need to know about Diageo’s new interim CEO

Diageo has announced the appointment of Nik Jhangiani as its interim Chief Executive Officer following the immediate departure of Debra Crew from the top role and the company’s Board.

Indian-origin Nik currently serves as the spirits giant’s Chief Financial Officer. He boasts of over 30 years of experience of global finance leadership, mostly within the consumer goods and beverage sectors.

A graduate of Rutgers Business School in Newark, New Jersey and a certified public accountant in New York, Nik began his career at Deloitte before holding senior finance roles at Bristol Myers Squibb and Colgate-Palmolive, including a stint as Group Financial Director for Nigeria.

Prior to joining Diageo, he served as the CFO of Coca-Cola Europacific Partners (CCEP), the world’s largest Coca-Cola bottler, where he led major capital markets activities, acquisitions, and strategic transactions. He was also Group CFO of Bharti Enterprises in India and has held leadership roles across the U.S., Europe, India and Africa.

Nik’s financial discipline and global perspective positions him well to lead Diageo as it targets a $500 million cost reduction plan and asset sales by 2028. Diageo has been underperforming lately, with its share price declining by over 20 percent in the past year.

Though no permanent CEO has been named yet, Diageo’s chairperson Sir John Manzoni confirmed that a formal search is underway.