The global head of alcohol giant Diageo, Debra Crew has stepped down as CEO and as a board director “by mutual agreement”. Diageo chair, John Manzoni, said a formal search was now underway for her replacement. CFO Nik Jhangiani has been announced as interim CEO.
“The board’s focus is on securing the best candidate to lead Diageo and take the company forward,” Manzoni said.
Crew joined the company as a director in 2019. The next year she was appointed president, North American and Global Supply, leading the market to 14 per cent organic net sales growth in FY22. She became CEO in June 2023 following the retirement of Ivan Menezes.
Prior to Diageo, Crew was president and CEO of tobacco company Reynolds American. Before that, she was at PepsiCo and held various roles including president, North America Nutrition; president, PepsiCo Americas Beverages; and president, Western Europe Region. She had also worked at Kraft Foods, Nestlé S.A., and Mars, Inc, and was an officer in the US Army.
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.”
The company’s share price has fallen around 40 per cent since she became CEO as the company, and industry, grapple with falling alcohol consumption, tariffs, economic and geopolitical uncertainty.
In presenting Diageo’s Q3FY25 results, Crew outlined the company’s plan to reduce debt and mitigate the impact of US tariffs, which alone are expected to cost the alcohol company around $233 million (US$150 million) per year.
The company then announced a $777 million (US$500 million) cost cutting plan. Jhangiani said cuts would come from the company’s trade investment and advertising spend, overheads, and supply chain.
“We see through our reviews that we have been doing internally and with the Board, some opportunities for what I would call substantial changes versus the portfolio trimming.
“Again, you can appreciate, I cannot say any more than that, but clearly, it is going to be above and beyond the usual smaller brand disposals that you have seen over the last three years,” Jhangiani said.
Guidance for FY26 remains unchanged from what was shared on 19th May 2025 in the Q3 Trading Statement, and Diageo will report its fiscal 2025 full year results on 5th August as planned.
“On behalf of all Diageo colleagues, I wish Debra every success in the future. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation,” Manzoni said.
