Diageo, the parent company of Guinness, has announced the immediate departure of its Chief Executive Officer, Debra Crew.
In a notable move for a corporation of its size, Ms. Crew’s resignation occurred without a designated successor in place.
The company has initiated a search for a permanent replacement, with Chief Financial Officer Nik Jhangiani assuming the CEO responsibilities in the interim.
Diageo has experienced sales declines in recent years, despite robust 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 situation suggest the board of directors made the decision for Ms. Crew to step down, a decision she subsequently accepted.
Her exit follows John Manzoni’s recent appointment as chairman of the board, though sources indicate no personality conflict influenced the decision.
Insiders suggest that while Diageo’s sales performance has exceeded market averages, the company’s share price 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” in a public statement.
“I wish her every success in the future,” he stated.
Ms. Crew, who assumed the role in 2023, oversaw a period of sales decline, despite the continued growth of the Guinness brand.
The drink’s popularity led to shortages in some pubs in December of the previous year, attributed to the company’s inability to meet a surge in demand.
At the time, publicans voiced criticism of the firm for the supply issues, describing it as “a bit of a shambles.” Guinness cited “exceptional consumer demand” in Great Britain as the cause.
In the latter half of last year, Guinness net sales increased by 13% compared to the same period in 2023, while brands like Ciroc vodka and Captain Morgan’s rum experienced declines of 32% and 21% respectively.
Diageo, along with other beverage companies, faces challenges stemming from evolving drinking habits among younger demographics, who are increasingly opting for lower alcohol consumption.
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