There's been a stir at Diageo. The company, which owns spirits brands such as Johnnie Walker whisky and Guinness beer, has announced that Debra Crew has stepped down as CEO and board member, effective immediately. The decision, the official statement emphasizes, was made "by mutual agreement."

The board of directors, the statement adds, has initiated a formal and comprehensive search process, which will include consideration of internal and external candidates. "Pending a final appointment, Nik Jhangiani , Chief Financial Officer, will assume the role of Interim CEO."

Debra Crew had led Diageo as CEO since June 2023, having joined as a non-executive director in 2019, before serving as president of Diageo North America and subsequently as Group Chief Operating Officer.

The guidance for fiscal years 2025 and 2026, the statement adds, remains unchanged from that shared on May 19, 2025, in the third quarter trading statement, and Diageo will report its fiscal year 2025 results on August 5, as planned.

"On behalf of Diageo and the Board of Directors," said John Manzoni , Chairman of Diageo plc, "I would like to thank Debra Crew for her contributions, including leading the company through the challenging times following the global pandemic and the resulting geopolitical and macroeconomic volatility. On behalf of all my colleagues at Diageo, I wish her every success for the future. The Board is focused on identifying the best candidate to lead Diageo and take the company forward. We firmly believe that Diageo is well-positioned to create sustainable long-term value."

The company, according to analysts, is in the midst of a turnaround plan, aiming to save $500 million in costs, after underperformance reduced its share price by more than 20% over the past 12 months. Analysts also believe the £42.5 billion British giant has actually laid off Crew after disappointing results that have caused the stock price to more than halve in three and a half years. Since the beginning of the year, Diageo has posted a 25% loss, a stark contrast to the 5% gain seen by the London Stock Exchange's FTSE 100 index. Crew's tenure, experts point out, has been marked by a decline in sales, due to declining demand in China and the United States, and a profit warning following the unexpected buildup of unsold inventory in Mexico and Brazil.