The new boss of Diageo is plotting a shake-up of his top team as part of sweeping changes to reverse a decline.
Sir Dave Lewis is planning a major overhaul at the FTSE 100 drinks maker, which owns whisky brand Johnnie Walker, Guinness and Smirnoff vodka, according to a report by the Financial Times.
The former Tesco boss – known as ‘Drastic Dave’ for his cost-cutting zeal – took over in January after Debra Crew left abruptly last year. Lewis, 60, has been tasked with a tough turnaround mission as some drinkers opt to cut down or abandon alcohol.
Hangover: Sir Dave Lewis is planning a major overhaul at the FTSE 100 drinks maker to reverse a decline
The business is seen to have become ‘fat and happy’ and to have complicated decision-making processes. But Lewis – the former chairman of consumer-healthcare group Haleon – plans to press ahead with ‘wholesale change’ at the firm, including stripping out entire layers of management.
And he will replace some of his 14-strong executive committee.
Lewis will give his first update to investors on Wednesday at the company’s half-year results. Diageo shares have risen 13 per cent so far this year, but they are still down by around 38 per cent over the past five years. Yesterday they received a boost, closing up 2.9 per cent, or 2.83p, at 96.84p.
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