Diageo boss steps down after drinks group loses its fizz

Diageo is to replace its embattled chief executive, ending her rocky tenure in charge of the British alcoholic drinks company.

- Rob Davies

In a statement to the stock market yesterday, Diageo said it had begun the hunt for a successor to Debra Crew, who it said had stepped down "by mutual agreement".

Her departure follows a lengthy period of investor disquiet about the company's lacklustre performance under the former captain in US military intelligence.

The London-based group's chief financial officer, Nik Jhangiani, will lead the business on an interim basis and has been tipped as a front-runner to get the job on a permanent basis.

The company, whose vast portfolio of labels includes the Guinness and Johnnie Walker brands as well as Tanqueray gin and Smirnoff vodka, said it was looking at internal and external candidates.

Diageo's share price climbed by more than 3% to nearly £20 on news that Crew would be replaced, first reported by the Financial Times, before losing most of its gains.

Crew joined the £43bn company in 2019 and took command in 2023 after the sudden illness and death of Ivan Menezes - a popular figure who had led Diageo successfully for 10 years.