Diageo appoints CFO as interim CEO after Debra Crew's exit
Diageo just named CFO Nik Jhangiani as its interim CEO, following Debra Crew's sudden resignation by mutual agreement with the board.
Crew had led since June 2023 but exited after a tough stretch that saw Diageo's share price drop significantly.
Diageo announces $500 million cost-cutting plan
This leadership shakeup comes as Diageo faces falling sales in big markets like China and the US, but investors seemed relieved—shares jumped nearly 4% after the news.
The company is also rolling out a $500 million cost-cutting plan and says its financial outlook for 2025 and 2026 isn't changing.
Who is Nik Jhangiani?
Jhangiani joined Diageo in September 2023 and brings over 20 years of finance experience from major beverage companies like Coca-Cola.
He's known for driving efficiency and has already played a key role in reviewing Diageo's portfolio since coming on board.
Debra Crew's exit
Jhangiani steps in for Debra Crew, who took over as CEO in June 2023 but leaves amid pressure from declining stock performance.
Board chairman Sir John Manzoni will now lead the search for a permanent CEO while Jhangiani manages the transition.
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