new delhi: Diageo Plc Chief Executive Officer Debra Crew stepped down after two years in the role, as the world’s largest spirits maker grapples with a pullback in alcohol consumption and tariff uncertainty.
The maker of Guinness and Johnnie Walker whisky has appointed Chief Financial Officer Nik Jhangiani as the
interim CEO. The move was confirmed in a company statement, which said Crew’s exit was by “mutual agreement”.
“The Board has begun a comprehensive formal search process, which will include consideration of internal and external candidates,” Diageo said.
Crew’s tenure has been punctuated by setbacks, including a drop in sales on cooling demand in China and the US, and a profit warning after being caught out by piles of unsold inventory in Mexico and Brazil.
The company was forced to scrap its long-held medium-term sales target in February as a result of higher trade friction denting consumer confidence. In May, Diageo said it would cut costs by $500 million over three years across its supply chain.