Diageo Appoints Former Tesco CEO Dave Lewis As New Chief Executive

Diageo has appointed former Tesco CEO Sir Dave Lewis as its new chief executive, effective January 1. Lewis will take over from interim CEO Nik Jhangiani, who will return to his prior CFO role in the new year. Deirdre Mahlan, who has been serving as interim CFO, will continue to provide support through the transition.

“Having conducted an extensive and thorough global search, the Board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building and marketing world-leading brands, that is right for Diageo at this time,” said Diageo chairman Sir John Manzoni. “We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment.”

“The market faces some headwinds but there are also significant opportunities,” added Lewis. “I look forward to working with the team to face these challenges and realize some of the opportunities in a way which creates shareholder value.” Lewis served as CEO of U.K. retail giant Tesco from 2014-2020, and prior to that spent nearly three decades at Unilever.

Lewis takes the helm as Diageo steers through choppy waters in the global drinks market. Last week, the company lowered its sales targets for its fiscal year ending next June owing to a weaker consumer landscape in the U.S. and challenges in China.

Diageo’s three-month sales through September came in flat at $4.9 billion, as growth across its Europe, Latin America, and Africa regions was offset by declines in the U.S. and China. The company now expects its full-year organic net sales to come in “flat to slightly down including the adverse impact from Chinese white spirits and a weaker U.S. consumer environment than originally planned for.” Organic operating profit is still expected to be positive by low to mid single-digits. —Daniel Marsteller

Tagged : Diageo

GET YOUR FIRST LOOK AT 2025 ESTIMATES AND 2030 PROJECTIONS FOR THE WINE AND SPIRITS INDUSTRIES. ORDER YOUR 2025 IMPACT DATABANK REPORTS. CLICK HERE.