Debra Crew has departed her post as Chief Executive Officer of Diageo, the parent company of Guinness. Her leaving comes only a few months after John Manzoni took over the chairmanship of the board. Suddenly, on June 19, Diageo issued an announcement that the board had reached an understanding about Crew’s exit. Crew herself on this decision and the announcement is retroactive immediately.
Since taking the helm in early 2023, Crew’s short reign led the beverage industry through a challenging time. In fact, Diageo just announced a 13% increase in net sales of Guinness over the last half of her tenure. Other brands experienced monumental drops in sales. Ciroc vodka sales took a nosedive, dropping by 32%. At the same time, Captain Morgan’s rum had its own difficulties, with a 21% drop.
Despite these challenges, the company stressed that there had been no conflict of personalities between Crew and Manzoni. In his statement, Manzoni acknowledged the difficulties faced during Crew’s leadership, referencing “the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.” He too sent his good wishes as she moves forward with her career.
Chief Financial Officer Nik Jhangiani will assume Crew’s responsibilities in the interim. Diageo is expected to begin searching for Diageo’s permanent replacement in the coming days.
The board’s decision to sever ties with Crew comes at the end of an up-and-down period of financial performance with her at the helm. Despite Guinness holding firm, many other brands within Diageo’s impressive portfolio of brands ultimately failed to deliver as the industry had expected.