Diageo CEO steps down ‘by mutual agreement’

Debra Crew has stepped down as chief executive and board director of drinks giant Diageo with immediate effect, by ‘mutual agreement’.

She has led the firm as chief exeucitve since June 2023, taking over from the late Sir Ivan Menezes, having joined Diageo as a non-executive director in 2019, then serving as North American president and subsequently as group chief operating officer.

Her career has encompassed senior roles in Kraft Foods, Nestlé, Mars, PepsiCo and Mondelez International. She remains a board member at Stanley Black & Decker.

Crew’s departure follows Diageo’s warning that if the 10% US tariff on UK and European imports remains, it will cost the company an estimated $150m (£112m) per year.

Diageo issued the warning as part of its Q3 2025 trading statement, which reported 2.9% year-on-year sales growth to $4.4b (£3.3b). A positive organic net sales rise of 5.9% was partially offset by unfavourable foreign exchange and disposals.

The drinks company stated its guidance for fiscal 2025 and 2026 remains unchanged, including a forecast of “sequential improvement in organic net sales performance” in the second half of fiscal 2025. It will report its fiscal 2025 full year results on 5 August as planned.

Meanwhile, its board has begun a formal search process for Crew’s replacement, which will consider both internal and external candidates.

Until a permanent appointment is made, Nik Jhangiani, chief financial officer, will assume the role of CEO on an interim basis.

Diageo chair John Manzoni said: “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. On behalf of all Diageo colleagues, I wish her every success in the future.

“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.”

Earlier this year, Diageo ruled out a sale of its Guinness brand following speculation it could offload its famous stout in a bid to revive growth. Around the same time it sold Cacique, the rum brand is has owned since 2003, to French spirits group La Martiniquaise-Bardinet.

In July last year, the company also sold its Safari liqueur to Portuguese drinks group Casa Redondo, while in November it created the Diageo Luxury Company, to streamline and refocus on the luxury sector.

Diageo owns more than 200 drinks brands, including Johnnie Walker, Baileys, Smirnoff, Captain Morgan and Casamigos.