Diageo, the largest Scotch whisky producer in the world, has announced another major change in the ranks of its senior executives.

Recently-appointed CEO Dave Lewis has replaced chief financial officer Nik Jhangiani with a former Tesco colleague, WPP’s CFO Joanne Wilson.

Analysts expect Wilson and Lewis to oversee major cost cuts at Diageo. The share price of Diageo — which employs around 3,000 in Scotland — is down more than 50% for the past five years but has risen almost 20% in the past six months. Lewis became CEO in January.

Diageo’s many Scotch whisky brands include blends Johnnie Walker, J&B, Bell’s, Buchanan’s, VAT 69 and Black & White and malts Talisker, Lagavulin, Oban, Cragganmore, Dalwhinnie, Glenkinchie, The Singleton, Cardhu and Mortlach.

“Diageo plc today announces that Joanne Wilson will join the company as Chief Financial Officer, joining Diageo’s Board and Executive Committee some time in 2027, replacing Nik Jhangiani,” said Diageo.

“Joanne is currently CFO of WPP plc, having previously held senior financial and commercial roles at drinks company Britvic, dunnhumby, the global leader in customer data science, Tesco and KPMG, where she qualified as a chartered accountant.

“Nik joined Diageo from Coca-Cola Europacific Partners in September 2024 and was interim Chief Executive from July to December 2025, overseeing the Accelerate programme and a focus on cash delivery, operational excellence and cost efficiency.”

CEO Lewis said: “It is a real pleasure working with Nik and I would like to thank him for his support to me and his significant contribution to Diageo.

“Nik and I have agreed that, now we have shared our new Strategy, this is the right time for this change. Nik will remain in role to ensure a smooth handover to Joanne.

“Joanne is a very experienced CFO and commercial leader who will ensure we accelerate the turnaround of Diageo, having already delivered extensive transformations in her previous companies.”

Diageo chair John Manzoni said: “The board is grateful to Nik for everything that he has achieved with Diageo in repositioning the business to enable improved delivery of sustainable growth and shareholder value. I am delighted to welcome Joanne to the board and look forward to her contribution to delivering the next phase of Diageo’s transformation.”

Diageo chair Manzoni is also chair of Perth-based electricity infrastructure behemoth SSE, the biggest London-listed company run from Scotland.

Wilson said: “I am delighted to be joining Dave and the entire Diageo team at such an exciting point in the company’s journey.

“Diageo has a unique portfolio of global brands and a clear strategy with significant opportunities ahead. I very much look forward to working together with all colleagues to consistently create value for shareholders and strong outcomes for all stakeholders.”

Jhangiani said: “I have enjoyed every minute of my time at Diageo. I am proud that we were recently able to set out our three-year financial plan to our investors, including significant progress on deleveraging and strengthening our balance sheet. I would like to thank my fantastic team for their support, and I wish Dave and all our colleagues the very best for the future.”

Diageo added: “Joanne Wilson’s remuneration package will include an annual salary of £900,000 and a pension contribution (or allowance in lieu) of 14% of base salary, in line with the maximum pension contribution level for new employees to the UK workforce.

“Joanne will be eligible for an annual incentive plan with an on-target opportunity of 100% and maximum opportunity of 200% of base salary with bonus deferral.

“She will also have a long-term incentive plan opportunity in line with the proposed Diageo Directors’ Remuneration Policy a maximum award of 550% of base salary (subject to shareholder approval of the proposed Policy at the November 2026 AGM). Joanne will be required to build a shareholding of 550% of salary.

“Joanne will receive replacement awards in respect of the incentives which are forfeited as a result of her leaving her current employer to join Diageo. These will include awards of performance shares, restricted shares and cash.

“In line with the Policy, replacement awards will have a fair value no higher than that of the awards forfeited, and will be determined on a comparable basis taking into account the form in which the awards were granted as well as the timing schedule. Details of Joanne’s future remuneration will be included in the Directors’ Remuneration Report for the year ending 30 June 2027 … “