Diageo Names Dave Lewis as New CEO After US Tariffs Woes
Diageo, the world’s leading spirits company and maker of Guinness beer, Smirnoff vodka, and Johnnie Walker whisky, has announced Dave Lewis as its new Chief Executive Officer. Lewis, current chairman of consumer healthcare firm Haleon and ex-CEO of supermarket giant Tesco, starts in January, succeeding Debra Crew who resigned in July. Diageo’s share price surged 7% on the news, following a year of disappointing trade due to US President Trump’s tariffs and weak consumer demand in China and the US. The company hopes Lewis’s extensive consumer brand experience and strong marketing pedigree will revive performance. However, analysts caution that he lacks direct spirits industry exposure and any major strategy reset will take time. Outgoing interim CEO Nik Jhangiani will return to his role as Chief Financial Officer. Diageo projects ongoing challenges ahead, including further profit warnings, indicating tough trading and […]