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Diageo, the drinks giant behind Guinness and Johnnie Walker, has appointed former Tesco boss Sir Dave Lewis as its new chief executive.
He will take up the position on January 1 and will be tasked with boosting the company’s performance.
Lewis replaces Nick Jhangiani, who has been serving as interim chief executive since July and will now return to his previous position as chief financial officer.
Sir Dave will step down as chairman of consumer healthcare firm Helon at the end of December to take up the reins.
He led Tesco as group chief executive for six years until 2020, having previously spent almost 30 years at the Ben & Jerry’s and Marmite firm. unilever Early in his career.
His appointment comes at a challenging time for Diageo as it grapples with weak sales and a falling share price.
on thursday The group has once again become alert about the difficult businessIts shares fell further after it warned over weak consumer demand in China and the US, which means it may sell fewer drinks this year.
Diageo Chairman Sir John Manzoni, who led the appointment process, said: “After conducting an extensive and exhaustive global search, the Board unanimously felt that Dave has both the extensive CEO experience and proven leadership skills in building and marketing world-leading brands, which is the right fit for Diageo at this time.
“We are confident that Dave will work with the team to lead Diageo into its next successful chapter in an evolving consumer environment.”
Sir Dave said: “The market faces some headwinds but there are also significant opportunities.
“I look forward to working with the team to address these challenges and realize some of the opportunities in a way that creates shareholder value.”
Sir Dave, who was knighted in the 2021 New Year Honours, will be paid an annual salary of £1.5 million, plus £210,000 in pension contributions, as well as performance-based bonuses.
Diageo has seen its share price decline in recent years, with the FTSE 100 stock falling by a fifth in the past six months and the value nearly halving in the past two years.
Ms Crews launched a major cost-cutting plan just months before leaving office, aiming to save US$500 million (£380 million) as its business came under pressure and faced a US$150 million (£114 million) annual hit from higher US tariffs.
Its sales had already fallen for the first time in nearly four years during the 2023-24 financial year, driven by a weak performance in Latin America.
He resigned in the summer after two years in office.
Ms Crews took over from former boss Sir Ivan Menezes, who died in June 2023, and became its first female chief executive.