CEO at drinks giant Diageo to go amid sales and share price slump

DIAGEO is to replace CEO Debra Crew just over a year into her tenure as the drinks giant struggles to regain investor confidence following a turbulent period marked by falling sales and a sharp decline in its share price.

- SASKIA KOOPMAN and

The FTSE 100 giant has confirmed that Crew has quit with immediate effect and will be replaced on an interim basis by the embattled drinks group’s finance boss Nik Jhangiani.

The company behind Johnnie Walker and Guinness said yesterday that its board had kicked off a “comprehensive formal search process” for a new chief executive.

The Financial Times first reported the move, with shares in the company later rising as much as 4.3% after Crew’s exit was confirmed.