Leadership shake-up at Diageo: Who is Nik Jhangiani? Indian-origin executive steps in as interim CEO; $500m cost-cut plan on track

Diageo, the maker of Johnnie Walker whisky and Guinness beer, announced on Wednesday that chief executive officer Debra Crew has stepped down with immediate effect. The company said the decision was made “by mutual agreement” but did not specify reasons for her departure, as reported by AFP.

Crew, Diageo's first female CEO, had taken over two years ago after the death of her predecessor Ivan Menezes.Chief financial officer Nik Jhangiani has now taken over as interim CEO while the board begins a formal search for a permanent replacement. Diageo’s Chair John Manzoni thanked Crew for “steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.”Jhangiani takes over amid business challengesAs reported by Reuters, Diageo is in the midst of a turnaround strategy targeting $500 million in cost savings after a tough year that saw its share price drop more than 20%. The company is also managing pressures from US tariffs, which are expected to cost around $150 million. Despite these challenges, Diageo said its financial guidance for the 2025-26 year remains unchanged.Who is Nik Jhangiani?Nik Jhangiani is a seasoned finance leader with over 30 years of experience across the US, Europe, India, and Africa.

A graduate of Rutgers Business School and a certified public accountant in New York, Jhangiani began his career at Deloitte before holding finance roles at Bristol Myers Squibb and Colgate-Palmolive.Jhangiani’s career highlights include:

As per Reuters, Jhangiani is credited with overseeing key acquisitions, capital market activities, and strategic deals during his career.As interim CEO, Jhangiani is expected to lead Diageo through its current restructuring phase and maintain focus on cutting debt and boosting performance.