LONDON: Diageo, the global drinks giant behind brands like Guinness and Smirnoff, confirmed the sudden departure of CEO Debra Crew.
The company did not disclose specific reasons for her exit but cited mutual agreement.
Crew had led the company for two years, navigating post-pandemic challenges and economic instability.
The announcement comes months after Diageo warned of financial strain due to US tariffs, estimating a $150 million impact.
In May, the company launched a cost-cutting initiative, aiming to save $500 million over three years.
Crew was expected to outline further details in the upcoming full-year results on August 5.
Chief Financial Officer Nik Jhangiani will serve as interim CEO while the board searches for a permanent replacement.
Diageo assured investors that its financial outlook for 2025-26 remains unchanged despite leadership changes.
Chairman John Manzoni acknowledged Crew’s leadership during turbulent times, including geopolitical and macroeconomic pressures.
The company’s 2023-24 results showed a 13% profit decline, driven by weaker demand in Latin America and the Caribbean.
Crew, Diageo’s first female CEO, took over after the passing of former CEO Ivan Menezes in 2023.
Her tenure focused on stabilizing operations amid global disruptions. – AFP
