By Jordan Valinsky, CNN
New York (CNN) — Diageo, the world’s biggest spirits maker, announced Wednesday that CEO Debra Crew is stepping down by “mutual agreement” after just two years in the role.
The abrupt change comes amid sluggish sales across the alcohol industry, which has also affected Diageo brands Johnnie Walker whiskey, Casamigos tequila and Guinness beer, as well as the threat of increased tariffs from the United States.
In a press release, the London-based company said Crew is leaving with “immediate effect.” Nik Jhangiani, Diageo’s chief financial officer, will become the interim CEO as Diageo conducts a “comprehensive” search process.
Sir John Manzoni, Diageo’s board chairman, thanked Crew for “steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
Diageo’s stock (DEO) has lost about 44% of its value since Crew became CEO in June 2023. She announced in May a plan that would slash $500 million in costs and potentially sell some brands over the next three years.
Several of the biggest booze brands are dealing with a sharp decline in sales following the Covid-19 boon, which prompted some people to stock up their home bar carts. That has forced some companies, like Woodford Reserve maker Brown-Forman, to undergo layoffs.
In addition, Diageo has been dealing with its own issues including supplying too much alcohol to its Latin America markets as demand slid and a shortage of Guinness beer at pubs in the United Kingdom. In the United States, its Casamigos and Don Julio tequilas are battling a class action lawsuit accusing them of falsely labeling them as “100% agave.” The company denies the allegations.
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