Summary
Guinness maker Diageo has appointed Sir Dave Lewis, former Tesco chief, as its new leader to tackle declining sales. Diageo's shares rose after the announcement as the company faces weaker sales in major markets like the US and China. The firm hopes Sir Dave's experience will help improve its performance.
Key Facts
- Sir Dave Lewis will become the head of Diageo on January 1.
- Diageo is the company behind famous brands such as Guinness, Johnnie Walker, and Smirnoff.
- The firm recently faced a drop in sales, particularly in the US and China.
- Diageo's share price increased by 7% after Sir Dave's appointment was announced.
- Sir Dave Lewis was previously the chief executive of Tesco and worked at Unilever for nearly 30 years.
- Diageo aims to address changes in consumer buying habits linked to inflation and younger people drinking less alcohol.
- The company's operating profits fell by 28% in the year up to June.
- Sir Dave will replace Nik Jhangiani, who was interim CEO after Debra Crew resigned.
