Diageo's Lewis installs ex-Tesco ally as CFO to help revive growth

LONDON, Sept 23 (Reuters) - Diageo CEO Dave Lewis on Wednesday brought in former Tesco colleague Joanne Wilson as finance chief, replacing Nik Jhangiani, who had become a key figure in the struggling Guinness maker's turnaround plan.

The world's biggest spirits maker said Wilson, currently finance chief of British advertising group WPP, would take up the role in 2027, succeeding Jhangiani after just two years in the post.

Wilson overlapped with Lewis at Tesco, where he was group CEO from 2014 to 2020. Lewis earned the nickname "Drastic Dave" for aggressive cost-cutting and restructuring during his career at Unilever before orchestrating Tesco's turnaround. Wilson later became finance chief of Tesco-owned data science unit Dunnhumby.

"Given Wilson's prior experience with CEO Dave Lewis at Tesco, a move may reflect efforts to build a leadership team more aligned with Lewis' strategic vision," said TD Securities analyst Seamus Cassidy, adding that the decision was surprising given Jhangiani had been viewed as a potential CEO successor.

Jhangiani's departure comes less than two months after he and Lewis hosted a capital markets day, outlining a strategy to revive growth and cut costs after years of weak demand at the Johnnie Walker whisky and Smirnoff vodka maker.

"Nik and I have agreed that, now we have shared our new strategy, this is the right time for this change," Lewis said in the statement, thanking him for his support and significant contribution to Diageo.

JHANGIANI THE LATEST EXECUTIVE TO LEAVE

The finance chief's departure marks the latest change at the top of Diageo as Lewis, who joined in January, pushes through a broad turnaround of the group.

Jhangiani joined Diageo in 2024, and spearheaded efforts to cut costs and raise cash, emerging as a stabilising figure during one of the most turbulent periods in the company's recent history.

He served as interim CEO following the surprise departure of then-CEO Debra Crew in July 2025, and was viewed by some investors as a potential candidate for the top job.

Jhangiani said he enjoyed every minute at Diageo and wished the team the best for the future. 

His departure was first reported by Sky News on Tuesday. 

(Reporting by Emma Rumney in London and Prerna Bedi and Raechel Thankam Job in Bengaluru; Editing by Subhranshu Sahu, Editing by Louise Heavens)