Johnnie Walker and Guinness giant Diageo plc on Monday appointed former Tesco boss Dave Lewis as its new chief executive officer (CEO), effective January 1, 2026.
Diageo said in July that Debra Crew stepped down as CEO, with CFO Nik Jhangiani becoming interim CEO.
Jhangiani will continue as interim CEO until the end of December 2025 and then resume his CFO role. Deirdre Mahlan, having returned to Diageo as interim CFO, “will continue to support Diageo through the transition.”
Diageo shares rose about 5% but are down roughly 29% in 2025.
Diageo’s brands include Johnnie Walker, Crown Royal, J&B and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
“Full details of Dave’s future remuneration will be included in the Directors’ Remuneration Report for the year ending 30 June 2026, following his appointment to the Board,” said Diageo.
“Dave’s remuneration package will include an annual salary of GBP 1,500,000 and a pension contribution (or allowance in lieu) of 14% of base salary.
“He will also have an annual incentive plan opportunity, bonus deferral, long-term incentive plan opportunity and shareholding requirement as an Executive Director in accordance with Diageo’s remuneration policy, as approved by shareholders.”
Diageo added: “Dave is a proven CEO with extensive marketing and brand building experience.
“He has an outstanding track record leading global consumer businesses, growing world-class brands, and providing operational and financial rigour.
“Dave served as Group CEO of Tesco plc from 2014 to 2020, where he transformed the business and, prior to this, spent nearly three decades at Unilever, latterly in Executive Committee roles, leading on both marketing and business performance.
“Additionally, Dave has been the Chair of Haleon, a global leader in consumer healthcare, since its creation in 2022 and is a non-executive board director of PepsiCo Inc. Dave will be stepping down from the Haleon role on 31 December 2025.”
Diageo chair John Manzoni, who led the succession process, said: “We are delighted to welcome Dave as Diageo’s new CEO.
“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 …
“We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment. The Board wishes to recognise and thank Nik Jhangiani for his excellent leadership as Interim CEO and for continuing to drive forward Diageo’s sharpened strategy.”
Lewis said: “Diageo is a world leading business with a portfolio of very strong brands, and I am delighted to be joining the team.
“The market faces some headwinds but there are also significant opportunities. I look forward to working with the team to face these challenges and realise some of the opportunities in a way which creates shareholder value.”