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Diageo, the biggest drinks firm in the world, has appointed former Tesco boss Sir Dave Lewis as its new chief executive in a bid to revive its struggling sales. The move comes after former CEO Debra Crew stepped down earlier this year, leaving the company facing challenges in key markets like the US and China.
With brands like Johnnie Walker whisky, Smirnoff vodka, and Captain Morgan rum under its belt, Diageo has been grappling with weaker sales despite a rise in Guinness sales. Shares plummeted to a 10-year low recently, prompting the need for a change in leadership. Sir Dave, who led Tesco for six years and has extensive experience at Unilever, will step into the role on 1 January.
The news of Sir Dave’s appointment sparked a 7% increase in Diageo’s share price, indicating investor optimism in his ability to steer the company in the right direction. Diageo acknowledged the challenges ahead but expressed confidence in Sir Dave’s leadership skills to navigate through them and capitalize on opportunities to drive shareholder value.
The company reported a decline in operating profits and net sales in the past year, pointing to a tough consumer environment exacerbated by rising inflation. Changing drinking habits among younger consumers have also posed challenges for Diageo, requiring strategic decisions to realign the business for success. With Sir Dave at the helm, the company is expected to focus on immediate fixes to address current issues and pave the way for long-term growth
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