Diageo has announced that its CEO Debra Crew has stepped down “with immediate effect, by mutual agreement”.

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

She stepped into the top role when legendary Diageo CEO Sir Ivan Menezes announced his retirement, following 10 years leading the company. Sadly, Sir Menezes passed away soon afterwards.

It has been a difficult time for the drinks giant, which produces iconic brands such as Johnnie Walker and Guinness.

The cost-of-living crisis has impacted sales in the sector, US trade tariffs have taken their toll, plus supply issues saw UK pubs run out of Guinness last year.

The Board has begun a comprehensive formal search process, which will include consideration of internal and external candidates.

Until a permanent appointment is made, Nik Jhangiani, Chief Financial Officer, will assume the role of Chief Executive Officer 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.”

Diageo said guidance for fiscal 25 and 26 remains unchanged from what was shared on 19 May 2025 in its Q3 Trading Statement, and Diageo will report its fiscal 2025 full year results on 5 August as planned.

Diageo shares rose as much as 4.5% after the Financial Times first reported the news that Crew had departed the company.