Debra Crew Reportedly Steps Down As Diageo Chief Executive, CFO Jhangiani Takes Interim CEO Role

Diageo’s (DEO) chief executive, Debra Crew, has reportedly stepped down from her role after two years, with CFO Nik Jhangiani assuming the interim CEO position.

Diageo’s U.S.-listed shares rose 1% in premarket trading on Wednesday.

According to The Wall Street Journal report, the maker of Johnny Walker is already looking at internal and external candidates for Crew’s permanent replacement. Her immediate departure was decided by mutual agreement, the report added.

Crew succeeded Diageo’s long-time boss Ivan Menezes following his death in June 2023 after a brief illness. Crew was the Chief Operating Officer before that, while Chief Financial Officer Jhangiani joined Diageo in September 2024.

The move comes at a time when Diageo has been significantly impacted by U.S. President Donald Trump’s tariffs, primarily those targeting imports from Canada and Mexico, where many of its key products are manufactured.

In May, under Crew’s leadership, Diageo also initiated a plan to reduce costs by $500 million over three years to turn the business around. It also included looking for asset disposals by 2028.

Trump’s tariffs on imports from places like Britain and the European Union will result in a $150 million hit to Diageo's operating profit per annum, and cost cuts will help Diageo deliver about $3 billion free cash flow per annum from fiscal 2026.

Diageo has been hard hit due to consumers turning away from high-end spirits and wine to cheaper alternatives, such as beer, which helped propel its beer brand, Guinness.

Retail sentiment on the stock changed to ‘neutral’ from ‘bullish’ a day ago, with chatter volume at a ‘high’ level, according to data from Stocktwits.

Diageo shares have lost 20% year-to-date and nearly 23% in the last 12 months.

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