Diageo’s boss Debra Crew steps down by ‘mutual agreement’ after two years

Diageo has announced the departure of its boss Debra Crew following a two-year tenure during which the spirits giant has grappled with weaker sales and a sinking share price.

Ms Crew has stepped down as chief executive with “immediate effect” and by “mutual agreement” with the board, the London-listed company said.

Chief financial officer Nik Jhangiani will step into the top job until a permanent boss is found.

Ms Crew became chief executive two years ago, taking over from former boss Sir Ivan Menezes, who died in June 2023.

She was the group’s first female chief executive, having previously held senior positions at tobacco company Reynolds American and PepsiCo, prior to which she served as an officer in the US army.

During her tenure, Ms Crew has overseen a more challenging period for the company which owns brands including Guinness, Gordon’s and Baileys.

Its sales dropped for the first time in around four years during the 2023-24 financial year, dragged lower by a weaker performance in Latin America.

More recently, Diageo warned that it was expecting new US trade tariffs – particularly a 10% levy on UK and European exports – to cost it around 150 million dollars (£112 million) each year.

The London-based company, which employs around 30,000 people, launched a 500 million dollar (£373 million) cost-saving programme over a three-year period in May.

Diageo’s share price has also slumped over the last two years – nearly halving in value.

Its share price was up around 4% on Wednesday following the announcement.