Diageo names former Tesco chief Dave Lewis as CEO

New Delhi: Dave Lewis, the executive who led Tesco through a major financial turnaround, has been appointed chief executive of Diageo, the FTSE 100 drinks company, starting January 1. Diageo owns over 200 brands, including Johnnie Walker, Smirnoff, Baileys and Don Julio.

Lewis will replace Debra Crew, who stepped down in July. Nik Jhangiani, the company’s former CFO, will continue as interim CEO until the end of the year.

Diageo has faced challenges including supply chain issues, overstocking in Latin America, US tariffs, and weak consumer spending in some markets. The company recently warned that sales for 2026 are expected to be flat or slightly lower, with recent growth in Europe, Latin America and Africa offset by weaker sales of Chinese white spirits and lower-than-expected spending in the US.

Lewis brings decades of experience in consumer businesses. At Tesco, he managed a five-year turnaround, reducing debt, cutting costs, and closing unprofitable divisions. He also worked at Unilever for nearly 30 years, focusing on operational restructuring.

Before joining Diageo, Lewis was chair of Haleon, the consumer health company spun off from GSK, and will step down from that role at the end of December. Analysts say his marketing and leadership experience will be valuable, though his direct experience in the spirits industry is limited.