Sign in Subscribe
Chief executive officers

Diageo Seeks New CEO Amid Share Price Turmoil

Strategic Insights

— 2 min read

Diageo, the multinational beverage giant, has announced that its Chief Executive, Debra Crew, is stepping down by mutual agreement, sparking a leadership scramble at the company. The move comes as Diageo shares have been in free fall, losing over 40% of their value since the start of June 2023. The company's Chief Financial Officer, Nik Jhangiani, has been appointed to lead the business on an interim basis and is reportedly a top contender for the permanent position. Diageo is in the midst of a turnaround drive, aiming to cut $500m in costs and make substantial asset sales by 2028.

Key Takeaways:

  • Diageo's Chief Executive, Debra Crew, is stepping down by mutual agreement, effective immediately.
  • Nik Jhangiani, the company's Chief Financial Officer, has been appointed to lead the business on an interim basis.
  • Diageo shares have lost over 40% of their value since the start of June 2023, sparking the company's leadership shake-up.
  • The company is undergoing a turnaround drive, aiming to cut $500m in costs and make substantial asset sales by 2028.
  • The Co-operative Group's Chief Executive, Shirine Khoury-Haq, has admitted that the personal data of 6.5 million members was stolen in a cyber attack earlier this year.
  • The personal data of the Co-operative Group's members was stolen in a cyber attack, but no financial information was compromised.
  • The Co-operative Group shut down parts of its IT systems after the hack, which occurred in late April.
  • A new variety of grape, described as "Mojito flavoured", will be available for sale at the Co-operative Group from next week.
  • Coca-Cola will switch back to cane sugar as the primary sweetener of its original cola production in the US, citing a tweet from Donald Trump.
  • A statement from Coca-Cola did not confirm the recipe change, but expressed appreciation for Trump's enthusiasm.
  • A report by the Trump administration's Make America Healthy Again initiative linked high-fructose corn syrup to childhood obesity and other conditions.
  • Donald Trump has threatened to impose tariffs on pharmaceuticals by the end of the month.
  • Retailers are selling nicotine pouches to children, just weeks after single-use vapes were banned in the UK.
  • The UK inflation rate has risen to 3.6% over the past 12 months, driven by fuel and food price pressures.

Statistics:

  • Diageo shares have lost over 40% of their value since the start of June 2023.
  • Diageo is aiming to cut $500m in costs by 2028.
  • 6.5 million Co-operative Group members had their personal data stolen in a cyber attack.
  • 3.6% is the UK inflation rate over the past 12 months.
  • The Co-operative Group's grape variety will be available for three weeks in selected stores, at a price of £2.90.

Sources:

  • Financial Times
  • The Guardian
  • Telegraph
  • Daily Mail
  • The Times
  • Reuters
  • Bloomberg
  • Sky News
  • BBC
  • The Standard
  • Trading Standards
  • Office for National Statistics

Read more