Diageo Launches Search for New CEO
Diageo chief executive officer Debra Crew has stepped down by mutual agreement with the company’s board. The move takes effect immediately.
Crew has been leading the company since June 2023. She joined Diageo as a non-executive director in 2019 before serving as its president of the North America segment and subsequently group chief operating officer.
John Manzoni, a chairperson of the board, said Crew helped lead the company through “the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
Diageo’s board has launched a formal search process for a new leader, considering both internal and external candidates who can help the company deliver long-term, sustainable value creation.
In the interim, CFO Nik Jhangiani will assume the CEO role. The company said the move will not impact its financial forecasts for fiscal years 2025 and 2026.
Succession Strategies in the Spotlight
This follows a flurry of leadership shuffles as major consumer goods companies look to recalibrate their strategies amid an economic landscape plagued by high inflation, costly tariffs and value-driven consumer behavior.
Also read: Diageo’s tariff strategy includes pricing and inventory adaptability
For example, Kenvue, manufacturer of Tylenol, Listerine and Band-Aid, recently announced that Thibaut Mongon will no longer lead the company as CEO as it undergoes a strategic review to unlock growth and optimize the business.
Kirk Tanner just took over the CEO role for The Hershey Co., succeeding Michele Buck, who previously announced she would be retiring from the company.
Also, Hormel recently announced that Jeffrey M. Ettinger, a current member of its board of directors, will be returning to the company for 15 months as interim CEO, temporarily replacing president and CEO Jim Snee, who is retiring.
Additionally, as part of Vera Bradley’s turnaround strategy, the company is in search of a new chief executive officer as Jacqueline Ardrey departs the company. Ian Bickley was named to the temporary role of executive chairman to lead the company and guide the CEO transition.
