Leadership shake-up at Diageo: Who is Nik Jhangiani? Indian-origin executive steps in as interim CEO; $500m cost-cut plan on track
The company said the decision was made 'by mutual agreement' but did not specify reasons for her departure, as reported by AFP.
Crew, Diageo's first female CEO, had taken over two years ago after the death of her predecessor Ivan Menezes.
Chief financial officer Nik Jhangiani has now taken over as interim CEO while the board begins a formal search for a permanent replacement. Diageo's Chair John Manzoni thanked Crew for 'steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.'
Jhangiani takes over amid business challenges
As reported by Reuters, Diageo is in the midst of a turnaround strategy targeting $500 million in cost savings after a tough year that saw its share price drop more than 20%. The company is also managing pressures from US tariffs, which are expected to cost around $150 million. Despite these challenges, Diageo said its financial guidance for the 2025-26 year remains unchanged.
Who is Nik Jhangiani?
Nik Jhangiani is a seasoned finance leader with over 30 years of experience across the US, Europe, India, and Africa.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
An engineer reveals: One simple trick to get internet without a subscription
Techno Mag
Learn More
Undo
A graduate of Rutgers Business School and a certified public accountant in New York, Jhangiani began his career at Deloitte before holding finance roles at Bristol Myers Squibb and Colgate-Palmolive.
Jhangiani's career highlights include:
Coca-Cola HBC (2004-2009): Group
CFO
Bharti Enterprises (2009-2012): Group CFO
Coca-Cola European Partners and Enterprises (2012-2016): CFO roles
Coca-Cola Europacific Partners (2016-2024): SVP and CFO
Diageo (2024-present): CFO, now interim CEO
As per Reuters, Jhangiani is credited with overseeing key acquisitions, capital market activities, and strategic deals during his career.
As interim CEO, Jhangiani is expected to lead Diageo through its current restructuring phase and maintain focus on cutting debt and boosting performance.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
‘Balancing strengths-sensitivities': India secures safeguards for key sectors in UK FTA; import access to be phased
Representative image (TOI) Only around one fourth of the UK's exports by value will receive immediate duty-free access to the Indian market, with most sensitive sectors remaining safeguarded, the government said on Friday, according to ET. Commerce secretary Sunil Barthwal, addressing the media, explained that product-specific rules of origin have been established. These include value-addition requirements designed to prevent transshipment and block third-country goods from benefiting under the deal. India has protected several sensitive sectors under the trade deal, including dairy, cereals, millets, pulses, vegetables, and high-value products such as gold, jewellery, lab-grown diamonds, and certain essential oils. Key exclusions also cover critical energy fuels, marine vessels, used clothing, important polymers and their monofilaments, smartphones, and optical fibres, reported ET. For strategically important goods, especially those where domestic manufacturing is being strengthened under the 'Make in India' and production-linked incentive (PLI) schemes, tariff concessions will be phased in gradually over five, seven, or ten years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Historic Figures Who Were Actually Photographed Gloriousa Undo India and the UK signed the comprehensive economic and trade agreement (CETA) on July 24, following years of discussions and negotiations. Barthwal noted that this agreement stands apart from India's previous free trade deals, as it reflects the country's evolution into a more mature economy. He added that India is now engaging in areas previously untouched in past trade agreements, marking its shift toward developed nation status. Working between strengths and sensitivities The agreement strikes a balance between "sensitivities and strengths," the official said, reported ET. 'We wanted to shed the label of 'tariff king,' and FTAs are a way to achieve that,' said commerce secretary Barthwal. 'FTAs bring a lot of certainty and predictability to businesses which this UK FTA will ensure. FTAs are give and take and when we build a narrative, we are sensitive that it's not one-sided.' Barthwal also mentioned past comments by US President Donald Trump, who had called India a "tariff king," and referenced ongoing negotiations with both the US and the European Union, as quoted by ET. 'Detailed talks are happening in the EU FTA. Talks with the US are going on, it will fructify,' he said. Barthwal said the India-UK partnership is rooted in fair play, equity, and mutual benefit. 'We protected our sensitivities and they protected theirs. This FTA has been a balance of sensitivities and strengths,' he stated. Calling it a complex and comprehensive agreement, Barthwal added, 'our defensive interests have been taken care of.' He noted that while the UK may take under a year to ratify the CETA, India will use that time to build the capacity of its exporters and educate them on how to leverage the deal. The government is also working with state governments and export promotion councils to assess how they will be affected. 'We are doing granular studies,' he said. India and the UK have agreed to negotiate mutual recognition agreements (MRAs) to facilitate the movement of professionals such as nurses, accountants and architects to Britain. 'Non-tariff barriers will be eased, and regulatory systems and MRAs would be improved,' Barthwal said, reported ET. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
40 minutes ago
- Time of India
Sri Lanka to extend its visa-free travel policy for 40 countries; India also on the list
In a bid to boost tourism and recover from an economic crisis, Sri Lanka has announced plans to extend its free tourist visa policy to 40 additional countries, according to a news shared by PTI. The news was confirmed by Sri Lanka's Foreign Affairs and Tourism Minister Vijitha Herath during the inauguration of the 'Hotel Show Colombo 2025'. As of now, there were only seven countries, including India which were allowed visa-free entry in Sri Lanka. The decision comes after the cabinet approved to expand the list to 40 countries. However, the Government of Sri Lanka will have to suffer an annual revenue loss of USD 66 million because of visa fee waiver, mentioned the minister. But he also said that indirect economic benefits from increased tourist footfall would be more than the loss. The initiative aims to boost tourism as part of Sri Lanka's economic recovery following the COVID-19 pandemic and the 2022 financial crisis. 'We have stabilised the economy, and through policy changes in tourism, we aim to ensure steady growth in arrivals,' the minister said. The visa waiver is one of the well-planned strategic moves to boost the economy of the country. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Salma Hayek, 58,Shows Her Huge Size In New Photos Boite A Scoop Undo Earlier, visa fee waivers were limited to seven countries, including China, India, and Japan. The trial phase began in March 2023 and it was deemed successful. Following the success, the Cabinet has decided to extend the policy to 40 more countries, to attract worldwide travellers. New List of countries: United Kingdom of Great Britain and Northern Ireland Federal Republic of Germany Kingdom of the Netherlands Kingdom of Belgium Kingdom of Spain Commonwealth of Australia Republic of Poland Republic of Kazakhstan Kingdom of Saudi Arabia United Arab Emirates Federal Democratic Republic of Nepal People's Republic of China Republic of India Republic of Indonesia Russian Federation Kingdom of Thailand Federation of Malaya Japan Republic of France United States of America Canada Czech Republic (Czechia) Republic of Italy Swiss Confederation (Switzerland) Republic of Austria State of Israel Republic of Belarus Islamic Republic of Iran Kingdom of Sweden Republic of Finland Kingdom of Denmark Republic of Korea State of Qatar Sultanate of Oman Kingdom of Bahrain New Zealand State of Kuwait Kingdom of Norway Republic of Türkiye The Free Visa policy is already for 7 nations, including India, China, Indonesia, Russia, Thailand, Malaysia, and Japan. Now, these countries are also now part of the list.
New Indian Express
an hour ago
- New Indian Express
Thiruvananthapuram startup Netrasemi raises Rs 107 crore from Zoho Corp, Unicorn India Ventures
KOCHI: Kerala-based semiconductor startup Netrasemi has raised Rs 107 crore in the Series A round from Zoho Corporations Ltd & Unicorn India Ventures. This is the single largest funding raised by the startup compared to the earlier rounds. In the earlier rounds, the company had raised a total of Rs 125 crore. Speaking to TNIE, Jyothis Indirabhai, co-founder and CEO of Netrasemi, said, 'The funds raised will be used for accelerating research and development initiatives, expand manufacturing capabilities, enhance marketing efforts to capture larger domestic and global market share, bring four system-on-chip variants with advanced AI and video analytics features into production and address compute platform requirements of original equipment manufactures (OEMs) for surveillance, industrial robotics, and smart infrastructure products.' According to him, the startup has successfully completed the development of two System on a Chip (SoC) products. 'The company is focused on developing SoCs that enable optimal computing for smart IoT products, particularly for addressing complex workloads like video processing. These chips can be used in devices, making them capable of performing advanced AI-based analytics directly, eliminating the need to send data to servers or the cloud.' This capability is powered by Netrasemi's energy-efficient deep-neural AI acceleration core (NPU) and comprehensive portfolio of in-house silicon intellectual properties. In the last 12 months, the company has completed development of two Edge-AI chips with advanced video capabilities, initiated development of CCTV AI camera chip for Indian market, established partner agreements for evaluation boards and platform development, signed multiple MOUs with global partners for sample release and product R&D and secured interest and requirements from multiple OEMs for platform development using Netrasemi SoCs.
