Who is Nik Jhangiani? Indian-origin executive takes over as Diageo’s interim CEO after Debra Crew’s exit | Company Business News

Diageo Plc, the maker of Guinness and Johnnie Walker whisky, said Chief Executive Officer Debra Crew has stepped down after a stint of two years at the distiller.

During Crew’s bruising run, the company’s stock has plummeted 43 per cent through Tuesday’s close. She took over as CEO in June 2023.

The world’s biggest spirits maker on Wednesday appointed Chief Financial Officer (CFO) Nik Jhangiani as its interim CEO, while a search is underway for Crew’s permanent replacement.

After the announcement, Diageo shares surged as much as 4.4 per cent, the most since April.

Crew’s tenure has been punctuated by setbacks, including a drop in sales due to cooling demand in China, the US, Mexico, and Brazil.

In February, the company scrapped its long-held medium-term sales target, citing higher trade friction after President Donald Trump’s sweeping tariffs on US trading partners.

Diageo is in the midst of a turnaround plan, targeting $500 million in cost savings after underperformance shaved off more than 20 per cent from its share price in the last 12 months.

Who is Nik Jhangiani?

Indian-origin Nik Jhangiani was appointed Chief Finance Officer at Diageo in September 2024.

After taking over as CFO, Jhangiani launched a review of Diageo’s portfolio and announced $500 million of cost cuts over three years, stretching across the supply chain, advertising and promotions and its operating model.

Before joining Diageo, he worked at Coca-Cola Europacific Partners Plc.

His career spans over three decades. He has held several senior finance roles across the US, Europe, India and Africa.

He is also credited with overseeing major capital markets activity, acquisitions and strategic transactions.

He is a graduate of Rutgers Business School, Newark, New Jersey, and is a certified public accountant in the state of New York.

He started his career at Deloitte and went on to hold finance roles at Bristol Myers Squibb and Colgate-Palmolive, where he was the group financial director for Nigeria.