Diageo, the global spirits giant behind brands like Johnnie Walker and Guinness, announced on July 16 that CEO and board director Debra Crew has stepped down from her role with immediate effect.
The company said the decision was mutually agreed upon, and the board has launched a formal search process to identify her successor, considering both internal and external candidates. In the meantime, Chief Financial Officer Nik Jhangiani will serve as interim CEO.
Crew was appointed CEO in June 2023. She joined Diageo in 2019 as a non-executive director before becoming President of North America and later the group’s Chief Operating Officer. Prior to joining Diageo, she served as CEO of tobacco company Reynolds American and held senior leadership positions at Kraft, Nestlé, Mars, and PepsiCo, bringing more than 20 years of consumer goods industry experience. Before entering the corporate world, she served in the U.S. Army.
Crew took the helm at a time when Diageo was performing at a historic high, but her tenure was marked by mounting operational challenges. In the first half of fiscal 2025 (July–December 2024), the company reported a 1.44% year-on-year decline in global sales and a 5% drop in operating profit. Although net sales rebounded 5.9% in the third quarter (January–March 2025), performance in the Asia-Pacific region remained weak, with Greater China and Southeast Asia still on a downward trajectory.
Crew’s leadership was heavily impacted by external headwinds, including sluggish consumer recovery in China and an oversupply crisis in the U.S. spirits market. Since the beginning of 2025, Diageo has also faced potential U.S. tariff hikes, prompting it to suspend interim performance guidance while awaiting further policy clarity. In May, the company announced a three-year cost-cutting plan to free up resources for future growth and operational efficiency.
During her tenure, Diageo’s share price fell approximately 43%. However, news of her departure sent shares rising as much as 4.5% on the day of the announcement, marking the biggest intraday gain since April.
Despite the market reaction, Diageo Chairman John Manzoni praised Crew’s contributions in the company’s official statement.
“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,” Manzoni said. “On behalf of all Diageo colleagues, I wish her every success in the future.”
He added that the board remains focused on securing the right leader to guide Diageo into its next chapter.
“The Board’s focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation,” he said.
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