London, UK – August 1, 2025 — Global beverage and spirits giant Diageo plc has announced the appointment of Deirdre Mahlan as interim Chief Financial Officer (CFO), effective August 18, 2025. The move follows the recent executive shake-up triggered by the departure of CEO Debra Crew, with former CFO Nik Jhangiani stepping in as interim CEO.
This transition comes at a critical juncture for Diageo, as the company looks to restore investor confidence and financial performance after a period of underwhelming returns and sliding stock value.
A Veteran Returns to Steady the Ship
Deirdre Mahlan is no stranger to Diageo. With a career spanning over 27 years at the company and its predecessors, Mahlan previously served as Diageo’s CFO from 2010 to 2015 and later took on the role of President of Diageo North America. Her return to the CFO position on an interim basis signals a strategic move to ensure stability and seasoned leadership during this period of transition.
Mahlan most recently held top executive positions at The Duckhorn Portfolio, a premium U.S. wine company, where she served as CEO, interim president, and chair of the board. She successfully oversaw the company’s sale to Butterfly Equity earlier this year.
Leadership Overhaul Amidst Challenges
The leadership changes began in mid-July, when Diageo confirmed that Debra Crew had stepped down from the CEO role “by mutual agreement.” Her tenure, which began in 2023, was marked by growing concern from shareholders over declining earnings and three consecutive profit warnings. Nik Jhangiani, then serving as CFO, was swiftly appointed as interim CEO, leaving a vacancy that Mahlan is now set to fill.
In a statement, Diageo emphasized that it is conducting a comprehensive search for permanent appointments to both the CEO and CFO roles, considering both internal and external candidates. No timeline has been provided for the completion of this process.
Financial Strategy in Focus
As interim CFO, Mahlan will support Jhangiani in executing a turnaround strategy that prioritizes cost control, asset optimization, and improved cash flow. The focus will be on recalibrating the company’s financial structure while ensuring continued investment in high-growth categories and global brand building.
Diageo’s leadership reiterated its commitment to the company’s long-term “Accelerate” growth strategy, which includes strengthening its portfolio of iconic brands—such as Johnnie Walker, Guinness, Baileys, and Smirnoff—across core markets and emerging regions.
Key Dates and Market Impact
- July 16, 2025: Debra Crew steps down as CEO
- August 5, 2025: Diageo to release its full-year financial results
- August 18, 2025: Deirdre Mahlan begins tenure as interim CFO
The company’s upcoming full-year earnings report, scheduled for August 5, will be closely watched by investors and analysts eager to gauge the impact of leadership changes on Diageo’s strategic direction.
Market and Analyst Reactions
Industry experts have welcomed Mahlan’s return, viewing it as a prudent decision during a period of uncertainty. “Bringing back someone with Deirdre’s deep institutional knowledge and financial discipline is a smart stabilizing move,” noted Julian Wild, a food and beverage sector analyst. “The markets want reassurance, and this is a strong signal of continuity.”
Diageo, one of the largest producers of premium alcoholic beverages globally, has faced increased competitive pressure and fluctuating consumer demand across key markets. The recent reshuffle is seen as a necessary step to course-correct and realign leadership with shareholder expectations.
Outlook
With Mahlan back at the financial helm and Jhangiani temporarily leading the company, Diageo appears to be prioritizing seasoned experience as it navigates a complex landscape. As both interim executives step into their roles, all eyes will be on the August 5 results and subsequent commentary from the board, which may offer further insight into the company’s long-term leadership plans.
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