Diageo, the manufacturer of Johnie Walker whiskey and Guinness beer, announced Wednesday that the CEO of the company, Debra Crew, has stepped down with immediate effect and that the decision was made “by mutual agreement.” However, the company did not provide a specific reason for her departure. Debra remains Diageo’s first and only female CEO, having taken over the role two years ago following the passing of her predecessor, Ivan Menezes.
Following her departure, the Indian-origin CFO of Diageo, Nik Jhangiani, has taken over as the interim CEO while the board begins a formal search for a permanent CEO. John Manzoni, the Chairman of the Board, shared his views and thanked his employees, stating that the employees are “steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
Nik Jhangiani is already in the midst of an ambitious turnaround strategy targeting $500 million in cost savings after a tough last year, which saw Diageo’s shares plummet by almost 20%. Moreover, the tariff wars of President Donald Trump are poised to add another $150 million to the company’s expenditure.
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That being said, Nik Jhangiani is the perfect person to tackle this problem. He is a seasoned financial leader with over 30 years of experience in the US, Europe, India and Africa, all regions which are extremely important for Diageo. Nik is a graduate from Rutgers Business School and a certified public accountant in the state of New York.
