Diageo CEO Debra Crew Steps Down Abruptly Amid Sales Concerns
In a surprise leadership shake-up, Diageo, the global beverage giant behind Guinness, has announced the immediate departure of its chief executive, Debra Crew.
The sudden exit, described as a mutual agreement by the company, comes without a named successor – an unusual move for a corporation of Diageo’s size. In the interim, Chief Financial Officer Nik Jhangiani will assume the responsibilities of CEO while the search for a permanent replacement begins.
Crew, who took on the role in 2023, exits during a period of mixed fortunes for the company. While Guinness continues to perform strongly – seeing a 13% jump in net sales over the second half of last year – other flagship brands such as Ciroc vodka and Captain Morgan’s rum have struggled, posting declines of 32% and 21% respectively.
Sources familiar with the situation suggest that the board initiated the leadership change as part of a broader strategy to realign shareholder value. Despite Diageo’s continued growth in certain product lines, the company’s stock has underperformed, prompting renewed pressure from the board to deliver stronger financial returns.
The shift in leadership follows the recent appointment of John Manzoni as chairman of the board. Although insiders deny any personal conflict between Manzoni and Crew, they noted that the board felt a change was necessary to address longer-term performance issues.
In a brief statement, Manzoni thanked Crew for navigating the company through the challenges of the post-pandemic era and ongoing global uncertainties. “Debra has led Diageo through a uniquely volatile period. We are grateful for her leadership and wish her all the best in her future endeavours,” he said.
Crew’s tenure was not without controversy. Last December, widespread shortages of Guinness in pubs across the UK drew criticism from retailers and customers alike. The company attributed the shortfall to unexpectedly high demand in the region, calling it “exceptional.”
Diageo, like many alcohol producers, continues to grapple with shifting consumer behaviour, particularly among younger drinkers who are increasingly choosing low- or no-alcohol alternatives. These trends, alongside macroeconomic headwinds, are pushing global beverage brands to rethink strategy, product innovation, and leadership.
As Diageo enters this new phase, market analysts will be watching closely to see how the company stabilises under interim leadership and whether the next CEO can deliver on growth expectations beyond its Guinness success.
