5Mês·

DIAGEO faces comeback with new CEO

$DGE (+0,44%) new CEO from 2026 with restructuring experience. Believe in the turnaround and got in at EUR 18.25

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5Mês

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Michael@Neverloosemoney

5Mês

@Iwamoto The Board of Directors of Diageo has appointed Sir Dave Lewis as Chief Executive Officer and Executive Director with effect from January 1, 2026. The company announced this on November 10. This means that the industry leader in the global spirits business will once again have a regular CEO after Debra Crew stepped down in July 2025 after two years in office and was replaced on an interim basis by Chief Financial Officer Nik Jhangiani.

In its press release, Diageo calls Dave Lewis a "proven CEO with extensive experience in marketing and brand building". He has an outstanding track record of leading global consumer goods companies, building world-class brands and ensuring operational and financial discipline. Lewis previously held various leadership roles at Unilever PLC from 1987 to 2014, including President of Personal Care from 2011 to 2014, and was Group Chief Executive Officer of multinational retailer Tesco PLC from 2014 to 2020. Since founding Haleon, a drugstore and health products manufacturer, in 2022, he has been its chairman, a position from which Lewis will step down on December 31. He was knighted by Queen Elizabeth II in 2021 in recognition of his services to business and the food industry in the UK.

"Drastic Dave"
John Manzoni, Chairman of Diageo, who led the succession process on behalf of the Board, said in the press release: "Following an extensive and thorough global search, the Board unanimously concluded that Dave has both extensive experience as CEO and proven leadership skills in building and marketing leading global brands, which is exactly right for Diageo at this time." Dave Lewis commented: "Diageo is a global leader with a portfolio of very strong brands and I am delighted to be joining the team. The market faces some challenges, but there are also significant opportunities. I look forward to working with the team to address these challenges and capitalize on some of the opportunities in a way that creates shareholder value."

The news of Lewis' appointment was well received by investors: Diageo's share price rose by up to 7 percent at the start of the week, having previously fallen by 30 percent over the course of the year. According to the FAZ newspaper, 60-year-old Lewis has a reputation in the industry as a "tough reorganizer who uses brute force methods to cut costs and restructure companies". He earned his nickname "Drastic Dave" after "sweeping out Unilever with an iron broom, radically reducing the product chain, selling off parts of the business in Asia, cutting jobs en masse and beating down costs". The year 2026 is therefore likely to be a challenge for Diageo. In fact, the announcement of the change of leadership follows a downward revision of Diageo's sales and profit forecast for the current financial year. SP

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Michael@Neverloosemoney

5Mês

@Iwamoto former Unilever manager and, as CEO, turned Tesco around

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