Former Tesco Boss Sir Dave Lewis Named New CEO of Guinness Owner Diageo
Diageo, the world’s biggest spirits maker and owner of Guinness and Johnnie Walker, has picked former Tesco boss Sir Dave Lewis as its new chief executive after months of uncertainty at the top. The appointment ends the company’s search for a leader following Debra Crew’s abrupt departure this summer. Lewis will take over on 1st January 2026, replacing interim CEO Nik Jhangiani, who will return to his role as chief financial officer.
The news gave Diageo’s struggling stock a much-needed lift — shares rose 7% in early trading after the announcement. During the past year, Diageo reported a 28% drop in operating profits to £3.2 billion and has seen its share price drop to its lowest point in a decade, following falling sales in key markets such as the US and China due to rising inflation leaving people with a tighter grip on their purse strings and a general shift in drinking habits among younger consumers, who are drinking less alcohol than other generations. The company also admitted there was “clearly much more to do” after downgrading its sales and profit forecast for next year.
Sir Dave, 60, is well-known in the UK business world for his dramatic turnaround of Tesco between 2014 and 2020. He earned the nickname “Drastic Dave” at his previous role at Unilever, where he spent three decades cutting costs and revamping brands through bold marketing.
Diageo’s chair John Manzoni said, “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.”
Lewis, who currently chairs consumer health group Haleon, acknowledged that the job ahead won’t be easy. “The market faces some headwinds but there are also significant opportunities,” he said. “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.”
Analysts say Lewis’s arrival could signal a short-term focus on fixing the basics rather than bold expansion. Dan Coatsworth, head of markets at AJ Bell, said, “Dave Lewis needs to put Diageo back on track quickly. His style is to listen closely to customers and suppliers and work out what’s gone wrong. The focus will be on repair work, not long-term growth.”
Despite having no direct experience in the drinks industry, many investors are optimistic that Lewis’s track record with consumer brands and his no-nonsense approach could help stabilize Diageo after a turbulent period.
