Americas Diageo Appoints New CEO Dave Lewis After US Tariff Woes | NB Digest

The Digest:

Diageo Plc, the multinational beverage giant behind Guinness and Johnnie Walker, has named Dave Lewis as its new Chief Executive Officer. The appointment comes as the company navigates significant headwinds, including financial hits from US tariffs and a recent profit warning driven by weaker performance in key markets like China and the United States.

• Dave Lewis, former CEO of Tesco and Chairman of Haleon, will take over as Diageo CEO in January.
• He replaces Debra Crew, who resigned in July after a challenging two-year tenure.
• The company's shares surged 7% following the announcement, leading gains on London's FTSE 100.
• Diageo recently issued a profit warning, citing weak consumer demand in China and the US.
• The company had previously flagged a financial impact from Trump's tariff policies.
• Analysts note Lewis brings strong consumer branding experience but lacks direct spirits industry background.
• The immediate focus will be on navigating tough trading conditions rather than a major strategic reset.

This leadership change represents a pivotal effort to stabilize a global consumer goods titan caught in the crosscurrents of geopolitical trade policies and uncertain economic climates.

Sources: Punch Nigeria, Financial Times