Diageo has named former Tesco boss Dave Lewis as the Johnnie Walker and Guinness owner’s next chief executive.
Lewis will start the role on 1 January, taking over from interim CEO Nik Jhangiani, who took charge following the departure of Debra Crew in July.
Diageo said Lewis was “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,” a statement to the London Stock Exchange said this morning.
Lewis served as CEO of Tesco for six years until 2020, leading a transformation at the UK’s biggest retailer following a series of challenges.
He also spent almost three decades with Unilever, and is currently the chairman of consumer health group Haleon and a non-executive at PepsiCo.
Lewis will step down from his position at Haleon when he takes on his role at Diageo.
“Diageo is a world-leading business with a portfolio of very strong brands, and I am delighted to be joining the team,” Lewis said.
“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.”
Diageo chairman John Manzoni, who led the recruitment process to find a new CEO, added: “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.”
Nik Jhangiani will resume his CFO role when Lewis joins the group. Deirdre Mahlan, having returned to Diageo as interim CFO, will continue to support Diageo through the transition.
“We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment,” Manzoni said.
“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.”
Jefferies analyst Edward Mundy said the appointment ended the uncertainty over the leadership transition and brought in a “heavyweight leader with extensive CEO experience on both brand building and transformation”.
“We expect the shares to react favourably given Sir Dave’s strong track record, and this will build on the sharpened strategy implemented by interim CEO Nik Jhangiani,” he added.
In a separate statement, Haleon announced Vindi Banga will take over from Lewis as chairman of the Sensodyne and Panadol owner on 1 January. Banga has served on the Haleon board alongside Lewis since the company was formed and listed on the London Stock Exchange in 2022.
He spent 33 years at Unilever, where he was also CEO and chairman of Hindustan Unilever, one the biggest listed companies in India.
Lewis said: “After more than three years Haleon is now well established as an independent listed company. The board and executive team are strong and the business is performing well in a tough environment. The leverage at demerger has been effectively addressed, the large overhang managed smoothly, and the portfolio reshaping is progressing.
“My decision to step down is a personal one and is related to a new unique opportunity which I wish to take forward. I would like to thank my board colleagues, Brian and his team for their support and commitment. It has been a privilege to be part of Haleon and I am confident that the business has a bright future.”
Banga added: “On behalf of the board, I would like to thank Dave for his leadership and the considerable contribution he has made as chair of Haleon since its listing in July 2022. It is a privilege to chair Haleon and I look forward to working with the board and management team to support Haleon’s continued development.”
No comments yet