The chief executive officer of Guinness' parent company Diageo has stepped down effective immediately.
Debra Crew is stepping down from the role by “mutual agreement” after just two years in the role, with chief financial officer Nik Jhangiani assuming the role on an interim basis.
In a media release, Diageo chair John Manzoni thanked Crew and wished her all the best for the future.
"On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility,” he said.
Crew became CEO in June 2023 and during that time saw sales drop, while Guinness remained strong.
Diageo’s stock has lost around 44% of its value since Crew became CEO and in May she announced a plan that would slash US$500 million in costs and potentially sell some brands over the next three years.
In the six-month interim results to 31 December 2024, the company declared a 0.6% net sales decline to US$10.9 billion and an operating profit decline of 4.9%.
During these six months, Guinness' net sales rose 13% compared to the six months to the end of 2023, while brands like Ciroc vodka and Captain Morgan's rum saw a 32% and 21% drop, respectively.
This comes as many alcohol companies are feeling the hangover after COVID. While sales were boosted during the pandemic, overall volumes fell by 3% for the first seven months of 2024.
Despite this, Guinness remains popular, with some pubs even running out of the drink in December last year after the company did not supply enough to meet the jump in demand.
This also comes as booze companies fight against young people drinking less and growing tensions surrounding Donald Trump’s alcohol tariffs into the European Union.
