Summary
Diageo's chief executive, Debra Crew, has stepped down unexpectedly, and the company is looking for a replacement. For now, the chief financial officer, Nik Jhangiani, will temporarily take over her responsibilities. Despite high demand for Guinness, the company has faced declining sales in other areas.
Key Facts
- Debra Crew, the boss of Diageo, resigned immediately, and the company did not give a clear reason for her exit.
- Nik Jhangiani, the current chief financial officer, will temporarily assume the role of chief executive.
- Diageo did not have a succession plan ready for her departure.
- The company has seen declining sales over the years despite high demand for its Guinness product.
- Under Crew, Guinness sales increased by 13% over a six-month period, but other products like Ciroc vodka and Captain Morgan's rum saw significant declines.
- Younger people are drinking less than before, affecting sales in the drinks industry.
- There were supply issues last December when Guinness demand exceeded what was available, causing some pubs to run out.
