World’s biggest spirits maker, Diageo’s chief executive, Debra Crew, stepped down from her position after two years.
According to CNN, Guinness owner on Wednesday, July 16, announced that Crew is resigning after “mutual agreement.”
The decision came after the alcohol industry’s declining sales affected the London-based company’s brands Johnnie Walker whisky, Casamigos tequila, and Guinness beer.
Tariff threats from US President Donald Trump have also added to the problems of the industry.
The company’s 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.”
“The board’s focus is on securing the best candidate to lead Diageo and take the company forward,” he added.
It is worth noting that the stock price of the drinks company has dropped by 44% since she took over in June 2023.
Crew before stepping down was planning to cut $500 million in costs and possibly planning to sell some brands in the next three years to improve the declining condition of the company.
Furthermore, Diageo, in a press release, said Crew is leaving her post with “immediate effect,” and until a “comprehensive” search for a new chief executive, Chief Financial Officer Nik Jhangiani will become the interim CEO.
