Former Diageo CEO Debra Crew took home $4.9m (£3.6m) in her final year in charge of the London-listed drinks supplier, its annual report has disclosed.
Despite Crew departing Diageo in July by mutual consent following a two-year stint in which the company’s shares slid by more than 40%, the former PepsiCo executive was awarded a 4.5% increase in her base salary – to $1.8m – in the year ended 30 June 2025.
This increase was “slightly below the annual salary budgets for the [Diageo] wider workforce in the United Kingdom”, over the period, Diageo noted.
However, benefits and pensions took Crew’s total fixed pay to just shy of $2.4m, while meeting performance-based objectives saw her variable pay increase from $1.7m to $2.5m, resulting in her total pay package of just shy of $5m.
Following her exit last month, Diageo said it had supported Crew with the cost of her repatriation back to the US to the tune of $182k net of tax, plus “the provision of shipping and flights”.
Her 12-month notice period commenced on 16 July 2025 and she will remain a Diageo employee until 30 September 2025. During this time, she will be paid her normal remuneration and benefits, before receiving payment in lieu of notice for the remainder of her notice period.
Full details of the renumeration would be shared in next year’s annual report, Diageo added.
Crew’s interim successor as CEO Nik Jhangiani, meanwhile, took home a bumper pay packet of $12.3m, which included a one-off sum of $10.2m made to compensate for him for the loss of share awards and bonuses forgone at his former employer Coca-Cola Europacific Partners.
Jhangiani’s base salary as Diageo CFO was $972,000, slightly less than the $1m base salary awarded to his predecessor Lavanya Chandrashekar in her last full year in the role.
No salary increase would apply for Jhangiani in fiscal 26, Diageo said. He would, however, receive an annual salary supplement allowance of $406k (£300k), pro-rata for the period served as interim CEO, it added.
In Crew’s second and final year as Diageo boss, the Johnnie Walker brand owner reported a 1.7% increase in organic sales, but saw operating profits fall 27.8% to $4.3bn.
The company recorded some $1.4bn in impairment charges over the year, including $458m in respect of its decision to exit the Distill Ventures accelerator programme, $231m in relation to Aviation American Gin, and restructuring costs of $225m relating to its ‘Accelerate’ cost-saving programme.
The Grocer has approached Diageo for further comment.
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