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Diageo, which owns the Guinness and Johnnie Walker brands, is to replace its embattled chief executive, ending her rocky tenure in charge of the British alcoholic drinks firm.
In a statement to the stock market, Diageo said it had begun the hunt for a successor to Debra Crew, who the company said had stepped down “by mutual agreement”.
Her departure follows a lengthy period of investor disquiet about the company’s lacklustre market performance under the former captain in US military intelligence.
The London-based company’s chief financial officer, Nik Jhangiani, will lead the business on an interim basis.
Diageo’s share price climbed by more than 3% to nearly £20 on news that Crew would be replaced, first reported by the Financial Times, before losing some of its gains.
Crew joined the £43bn British company in 2019 and took command in 2023 after the sudden illness and death of Ivan Menezes – a popular figure who had led Diageo successfully for 10 years.
While she had been groomed for the job, Crew’s tenure has been marked by a shock profits warning, adverse global consumer trends and investor dissatisfaction.
The profits warning came in November 2023, less than six months into Crew’s tenure, the result of a slump in sales in Latin America and the Caribbean.
This was a shock to investors after a huge post-pandemic rebound in sales but the slump also appeared to have surprised Diageo’s management.
Diageo had continued to plough supply into Latin America, even as drinkers reined in spending, leaving the region massively overstocked.
In the run-up to Christmas last year, Diageo appeared to have misjudged its supply chain again, with UK pubs complaining that their flow of Guinness had been rationed, just as festive demand increased.
The company’s share price has also come under pressure as a result of US president Donald Trump’s tariff wars.
Diageo’s chair, John Manzoni, said: “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.
“On behalf of all Diageo colleagues, I wish her every success in the future. The board’s focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation.”
