Diageo has appointed Dave Lewis as its next CEO and executive director, as the global drinks company grapples with debt, US tariffs, and consumers’ drinking less alcohol. He starts on 1 January 2026.
Lewis spent almost three decades at Unilever in senior marketing and business performance roles and was credited with transforming the UK supermarket giant, Tesco, during his tenure as CEO from 2014 to 2020.
He earned a reputation for brand-building, cost-cutting and creative marketing, which resulted in his nickname “Drastic Dave”.
His commitment to cost-cutting, making big calls about unprofitable products or divisions – and delivering on them – as well as his creative campaign capabilities (he launched Dove in the UK) made the moniker stick.
At Tesco, he was the first CEO hired from outside the company and joined following the revelation the company had overestimated its profits by £250 million. It took him four years to turn the business around and re-install it as the market leader.
Lewis said Diageo’s portfolio and position in the global beverage market were compelling.
“Diageo is a world-leading business with a portfolio of very strong brands, and I am delighted to be joining the team.
“The market faces some headwinds, but there are also significant opportunities. I look forward to working with the team to face these challenges and realise those opportunities in a way that creates shareholder value,” Lewis said.
News of his appointment buoyed the market, which jumped over seven per cent. It’s a small glimmer of hope for the alcohol giant, with shares still at record lows and dropping 27 per cent of their value this year.
In May, previous CEO, Debra Crew, announced the company would be making $777 million (US$500 million) cuts, but she left suddenly two months later.
CFO, Nik Jhangiani, stepped in as interim CEO and will remain until the end of December 2025, before resuming his CFO role. Former CFO, Deirdre Mahlan, who returned to Diageo as interim CFO, will support the leadership transition.
Diageo chair, John Manzoni, said the board was unanimous in selecting Lewis after a global search and confident he would “take Diageo into its next successful chapter in the evolving consumer environment”.
“Dave has both the extensive CEO experience and the proven leadership skills in building and marketing world-leading brands that are right for Diageo at this time,” Manzoni said.
Lewis is currently chair of Haleon, a global consumer healthcare group, and a non-executive director at PepsiCo Inc. Lewis will step down from Haleon on 31 December 2025 ahead of his move to Diageo.
