Guinness owner Diageo's CEO is stepping down after two years
The abrupt change comes amid sluggish sales across the alcohol industry, which has also affected Diageo brands Johnnie Walker whiskey, Casamigos tequila and Guinness beer, as well as the threat of increased tariffs from the United States.
In a press release, the London-based company said Crew is leaving with 'immediate effect.' Nik Jhangiani, Diageo's chief financial officer, will become the interim CEO as Diageo conducts a 'comprehensive' search process.
Sir John Manzoni, Diageo's board chairman, thanked Crew for 'steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.'
Diageo's stock (DEO) has lost about 44% of its value since Crew became CEO in June 2023. She announced in May a plan that would slash $500 million in costs and potentially sell some brands over the next three years.
Several of the biggest booze brands are dealing with a sharp decline in sales following the Covid-19 boon, which prompted some people to stock up their home bar carts. That has forced some companies, like Woodford Reserve maker Brown-Forman, to undergo layoffs.
In addition, Diageo has been dealing with its own issues including supplying too much alcohol to its Latin America markets as demand slid and a shortage of Guinness beer at pubs in the United Kingdom. In the United States, its Casamigos and Don Julio tequilas are battling a class action lawsuit accusing them of falsely labeling them as '100% agave.' The company denies the allegations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
38 minutes ago
- Bloomberg
Barclays Says Credit Liquidity Premium Gone as E-Trading Thrives
The additional compensation investors demand to own tougher-to-sell investment-grade bonds has vanished, thanks to a boom in electronic and portfolio trading, according to Barclays Plc. The so-called illiquidity premium on such deals dropped to nearly zero in July, from 11 basis points between 2018 and 2024 and 35 basis points between 2011 and 2017, Barclays analysts including Zornitsa Todorova and Andrea Diaz Lafuente wrote in a note this week. That excludes periods of heightened volatility, such as the Covid-19 pandemic.
Yahoo
an hour ago
- Yahoo
Klarna secures electronic money institution licence in UK
Klarna Financial Services UK (KFSUK) has secured an authorisation from the UK's Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI). With the authorisation in place, the company will introduce Klarna balance and Klarna cashback later in the year. The authorisation allows UK consumers to use Klarna balance to deposit and manage funds within a Klarna account, enabling them to add money from their debit card, make transactions using Klarna, and directly receive refunds. Additionally, a cashback initiative will be introduced, providing customers with the opportunity to earn rewards on their purchases made through the Klarna app. Klarna Cashback will offer users a percentage back on their spending, which will be credited to their Klarna balance. These funds can then be used for transactions at any merchant that accepts Klarna payments. Klarna Financial Services UK head Abby Vickers said: "This authorisation marks Klarna's next big step in the UK—moving beyond flexible payments into everyday financial management. 'While traditional banks are still playing catch-up, Klarna is giving consumers a smarter way to spend—and now, to manage their finances too. This is what modern money management looks like: manage, spend, and get rewarded—without the hassle.' In April this year, Klarna has put its planned initial public offering on hold in response to tariffs introduced by the US administration. The firm reported a net profit of $21m in 2024 as against a net loss of $244m in 2023. "Klarna secures electronic money institution licence in UK " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Evercore's Purchase of Robey Warshaw May Birth Trans-Atlantic M&A Titan
It's a deal designed to launch a thousand others. On Wednesday, Evercore announced that it's acquiring London-based investment bank Robey Warshaw, a similarly modest boutique firm with an outsized presence in the M&A space, for nearly $200 million. The only question: Who's soaking up the advisory fees? READ ALSO: Big Tech Pulls Off a Very Big Earnings Week and Barnburner Figma IPO Offers Good Omen as Klarna Reconsiders Debut International Man of M&A History Founded by former US Deputy Treasury Secretary Roger Altman in 1995, Evercore has grown into something of a full-fledged rival of major Wall Street banks in the M&A space. Last year, the firm finished sixth in PriceWaterhouseCoopers' US advisory fee-ranking report after advising on 151 deals worth a total of $291 billion. In its second-quarter earnings report this year, Evercore touted its advisory business scoring record first-half revenues after handling four of the 10 largest transactions so far in 2025, including Dick's Sporting Goods' $2.5 billion acquisition of Foot Locker and Cox Communications' merger with Charter Communications. Now, Evercore is applying its M&A expertise to its own business, with the Robey Warshaw acquisition marking its largest deal since buying research and brokerage firm ISI Group over a decade ago. Why? Strategic expansion, of course, and perhaps because Evercore sees something of itself in Robey Warshaw: Despite employing just 18 people in total, Robey Warshaw has made itself a mainstay in the UK (which remains the second-largest market for investment banking fees behind the US), advising on some of the biggest UK deals in recent memory, including SoftBank's £24 billion acquisition of chipmaker Arm and AB InBev's $79 billion purchase of SABMiller. Much of the firm's success has been credited to its leadership team, including co-founders Simon Warshaw and Simon Robey, with the latter receiving nearly 50% of the firm's profits each year, per the Financial Times. The deal locks in each of Robey Warshaw's five partners, including the 65-year-old Robey, for at least six years. European Vacation: The deal will help bolster Evercore's presence in Europe, where it placed 13th by deal volume in PwC's advisory rankings last year. It's the bank's first major acquisition on the continent since its roughly £86 million takeover of boutique investment firm Lexicon in 2011, though it has recently pulled off some high-profile talent poaching in France, including the hiring earlier this year of former top Citigroup dealmaker Luigi de Vecchi to serve as Evercore's European chair. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
