Nik Jhangiani, the Indian American Chief Financial Officer of Diageo, has stepped up as the company’s interim CEO after the sudden exit of CEO Debra Crew, who leaves the role after two years. The global liquor giant, best known for producing Johnnie Walker whisky and Guinness beer, announced that Crew’s departure was a mutual decision but did not share further details. Despite the leadership change, Diageo has reaffirmed its financial outlook for 2025 and 2026.
Crew faced challenges in winning investor confidence during her time at the helm, and Diageo remains focused on a significant turnaround plan. In May, the company unveiled a strategy to cut $500 million in operational expenses and conduct major asset sales by 2028, signaling a push toward long-term financial restructuring.
According to RBC Capital Markets analyst James Edward Jones, Jhangiani is a top contender for the permanent CEO position. He is widely respected in the financial world and has long been seen as potential CEO material. However, Jones noted that Diageo’s underlying issues will not be easy to fix, regardless of who secures the top job.
In an internal memo referenced by Reuters, Jhangiani expressed appreciation for Crew’s partnership and shared his optimism about Diageo’s future. “I’m convinced that Diageo’s best days are ahead of us and I can’t wait to get started,” he wrote.
Jhangiani’s extensive career spans over 30 years in finance, including 20 years as CFO, with significant experience in the beverage and consumer goods industries. He began his professional journey in New York at Deloitte & Touche, later serving as a senior auditor at Bristol-Myers Squibb. His career then led him to Colgate-Palmolive, where he became financial director for the Nigerian division, and eventually to The Coca-Cola Company in Atlanta.
Prior to joining Diageo as CFO, Jhangiani held the CFO role at Coca-Cola Europacific Partners (CCEP), overseeing more than $19.5 billion in revenue in 2023. He also served as CFO at Bharti Enterprises from 2009 to 2012 and was CFO and SVP at Coca-Cola Enterprises (CCE) from 2013 to 2016.
With this transition, Jhangiani brings a wealth of global leadership and financial expertise, positioning Diageo for continued focus on its strategic goals during this interim period.
