Diageo, the multinational beverage alcohol company and owner of Guinness, has announced the immediate departure of its Chief Executive Officer, Debra Crew.
In a somewhat atypical move for a corporation of its size, Ms. Crew’s resignation occurred without a pre-arranged succession plan.
The company has initiated a search for her replacement, with Chief Financial Officer Nik Jhangiani assuming the CEO responsibilities in the interim.
Diageo has reportedly experienced a decline in sales figures over recent years, despite consistent high demand for its flagship Guinness stout.
According to Diageo, Ms. Crew’s departure was by mutual agreement, with no further details provided in the official statement.
Sources familiar with the matter suggest the board of directors made the decision for Ms. Crew to step down, to which she concurred.
This change in leadership comes shortly after John Manzoni’s appointment as chairman, although sources indicate no interpersonal conflict influenced the decision.
Insiders noted that while Diageo’s sales performance has surpassed market averages, its stock valuation has lagged, prompting the board to prioritize shareholder value.
Mr. Manzoni acknowledged Ms. Crew’s leadership during “the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”
He further stated, “I wish her every success in the future.”
Ms. Crew, who assumed the role in 2023, oversaw a period of sales decline despite the ongoing popularity of Guinness.
The stout’s popularity led to supply shortages in some pubs last December, following insufficient supply to meet consumer demand.
Landlords voiced criticism at the time, describing the situation as “a bit of a shambles.” Guinness cited “exceptional consumer demand” in Great Britain as the cause.
In the latter half of the previous year, Guinness net sales increased by 13% compared to the same period in 2023, while brands such as Ciroc vodka and Captain Morgan’s rum experienced sales declines of 32% and 21% respectively.
Diageo, along with other beverage companies, also faces challenges related to evolving consumer preferences, with younger demographics showing a trend toward lower alcohol consumption.
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