Sir Dave Lewis, the former Tesco chief executive credited with steering the supermarket through its worst financial crisis, will become CEO of Diageo on 1 January. The FTSE 100 drinks giant, owner of Guinness, Johnnie Walker and Smirnoff, has seen its shares fall by a third this year amid profit warnings and weak sales.
Lewis replaces Debra Crew, who stepped down in July after a rocky two-year tenure. Nik Jhangiani, the interim CFO, will continue leading the business until year-end before returning to his finance role. Diageo has struggled with supply chain issues, misjudged demand in Latin America, and a UK Guinness shortage last Christmas. US tariffs and flat sales in the three months to September have also weighed on performance.
Lewis ran Tesco from 2014 to 2020, halving its £22bn debt and closing unprofitable divisions. He previously spent 30 years at Unilever, where he earned the nickname 'Drastic Dave' for cost-cutting. He currently chairs Haleon, the consumer health firm spun off from GSK, and will step down from that role on 31 December.
Diageo shares rose 7% on the news. Chair Sir John Manzoni said Lewis would lead the company into its 'next successful chapter'. Lewis acknowledged 'headwinds' but also 'significant opportunities' for the business.
