Diageo PLC is preparing to replace Chief Executive Officer Debra Crew in a bid to stabilise the spirits maker after a sharp share price decline and falling alcohol sales, the Financial Times reported on Wednesday.
The board of the FTSE 100-listed group is actively searching for a new chief to lead a turnaround, the newspaper said, citing ‘people familiar with the matter’. Chief Financial Officer Nik Jhangiani, who joined last year and has impressed some major investors, is being considered as a potential interim CEO, one person told the FT.
Shares in Diageo were up 2.8% to 1,940.50 pence in London at midday on Wednesday following the report.
Crew’s tenure, which began in June 2023, has been marked by a profit warning, scrapped growth targets, and a 43% decline in the company’s share price. Diageo has struggled with weaker demand post-pandemic and investor concerns over whether the downturn is cyclical or structural.
In May, Jhangiani unveiled a $500 million cost-cutting plan and signalled potential asset disposals.
Diageo did not immediately respond to a request for comment by the FT.
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