Struggling drinks big Diageo snaps up former Tesco boss for high function

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Your help makes all of the distinction. Learn extra Diageo, the drinks big behind Guinness and Johnnie Walker, has appointed Sir Dave Lewis, the previous Tesco boss, as its new chief govt.

He'll assume the function on January 1, tasked with boosting the corporate's efficiency.

Lewis replaces Nik Jhangiani, who has been appearing as interim chief govt since July and can now revert to his earlier place as chief monetary officer.

Sir Dave will resign as chairman of shopper healthcare agency Haleon on the finish of December to take the helm.

<img src="https://static.independent.co.uk/2025/11/10/08/a48338de0eb0e7080d12c4a994598314Y29udGVudHNlYXJjaGFwaSwxNzYyODQ3OTk3-2.38627002.jpg" srcset="https://static.independent.co.uk/2025/11/10/08/a48338de0eb0e7080d12c4a994598314Y29udGVudHNlYXJjaGFwaSwxNzYyODQ3OTk3-2.38627002.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/11/10/08/a48338de0eb0e7080d12c4a994598314Y29udGVudHNlYXJjaGFwaSwxNzYyODQ3OTk3-2.38627002.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Sir Dave Lewis was chief executive of Tesco for six years" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Sir Dave Lewis was chief govt of Tesco for six years (Joe Giddens/PA) He led Tesco as group chief govt for six years till 2020, having beforehand spent almost 30 years at Ben & Jerry’s and Marmite agency Unilever earlier in his profession.

His appointment comes at a difficult time for Diageo because it grapples with weaker gross sales and a sinking share worth.

On Thursday, the group alerted over powerful buying and selling as soon as once more, cautioning over weaker demand from customers in China and the US, that means it might promote fewer drinks this yr, which despatched its shares slumping additional.

Diageo chairman Sir John Manzoni, who led the appointment course of, stated: “Having performed an in depth and thorough world search, the board unanimously felt that Dave has each the intensive CEO expertise, and the confirmed management expertise in constructing and advertising world-leading manufacturers, that's proper for Diageo presently.

“We're assured that Dave will work with the crew to take Diageo into its subsequent profitable chapter within the evolving shopper atmosphere.”

Sir Dave stated: “The market faces some headwinds however there are additionally important alternatives.

“I look ahead to working with the crew to face these challenges and realise a few of the alternatives in a method which creates shareholder worth.”

<img src="https://static.independent.co.uk/2025/11/10/08/10081104-c0991a47-0231-480c-98cc-5e3842328d34.jpg" srcset="https://static.independent.co.uk/2025/11/10/08/10081104-c0991a47-0231-480c-98cc-5e3842328d34.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/11/10/08/10081104-c0991a47-0231-480c-98cc-5e3842328d34.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="The company is behind a number of top drinks brands - including Guinness and Johnnie Walker" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

The corporate is behind plenty of high drinks manufacturers - together with Guinness and Johnnie Walker Sir Dave, who was knighted within the 2021 New 12 months’s Honour’s, might be paid an annual wage of £1.5 million, plus £210,000 in pension contributions, in addition to performance-based bonuses.

Diageo has seen its share worth pummelled in recent times, with the FTSE 100 inventory down by a fifth over the previous six months and almost halving in worth over the previous two years.

Ms Crew had launched a significant cost-cutting plan simply months earlier than she stepped down, trying to save 500 million US {dollars} (£380 million) as its buying and selling has come underneath stress and because it confronted a 150 million US greenback (£114 million) annual hit from increased US tariffs.

Its gross sales had already dropped for the primary time in round 4 years in the course of the 2023-24 monetary yr, dragged decrease by a weaker efficiency in Latin America.