Chief financial officer Nik Jhangiani, who joined the firm last autumn, will take on the role on an interim basis while the search for a permanent replacement takes place.
A comprehensive formal search is already underway and will include the consideration of internal and external candidates.
Crew, who previously served as chief operating officer at Diageo, became CEO in June 2023. She was the first woman to serve in the role and was on the firm’s board between 2019 and 2025.
Diageo is one of the largest global drinks manufacturers, and owns well-known drinks brands such as Guinness, Johnnie Walker, Baileys, Smirnoff and Captain Morgan.
Commenting on Crew’s departure, Diageo chair John Manzoni said: “On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.
“On behalf of all Diageo colleagues, I wish her every success in the future. The board’s focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation.”
Diageo also confirmed that its result for the 2025 fiscal year would be published on 5 August.
The firm reported a $304m decline in operating profit during the 2024 fiscal year, in large part driven by struggles in the Latin America and Caribbean region.
In response to its decline in revenue and profit, Diageo sold majority stakes in Guinness Nigeria, Guinness Ghana and Casa Redondo, while it has explored the sale of Pimm’s.
Reacting to the news, food sector analyst Julian Wild said: “Debra Crew’s departure will have come as no surprise and was welcomed by the Stock Market with Diageo shares bouncing back strongly on the news.
“Crew had a hard act to follow after the sudden death of Ivan Menezes but took the market by surprise in late 2023 with an early profits warning. That put her on the back foot and investors have been uneasy ever since.
“A combination of an underperforming business and shareholder discontent is never a good look and Debra Crew has been on borrowed time for a while.
“This is quite a tough time for the drinks industry and her successor will have their work cut out.”
