Diageo CEO Debra Crew steps down

Diageo has announced the immediate departure of Debra Crew as its Chief Executive Officer and as a member of the company’s Board. The decision, described as “mutual,” was confirmed in an official company statement.

Following Debra’s exit, Diageo has initiated a comprehensive formal search for a permanent successor, considering both internal and external candidates. In the interim, the role of CEO will be filled by current executive Nik Jhangiani.

Debra took over as the CEO in June 2023 after joining Diageo’s Board in 2019 and holding key leadership roles, including President of Diageo North America and Group Chief Operating Officer.

Her departure comes at a critical juncture for Diageo, which is navigating a major restructuring aimed at cutting $500 million in costs and executing key asset sales by 2028. The overhaul follows sustained sales declines, especially in Latin America, where inventory surpluses led to a profit warning in late 2023.

“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,” said Sir John Manzoni, Chairperson of Diageo plc.

Debra’s tenure coincides with broader challenges for the global liquor industry, as inflationary pressures and rising interest rates weigh on consumer spending.