LONDON (TIP): Nik Jhangiani, Indian American finance chief at the world’s biggest spirits maker Diageo, has taken over as the company’s interim boss as CEO Debra Crew has stepped down after two years in the job.
Diageo,  the maker of Johnnie Walker whisky and Guinness beer, said Crew, who struggled to win over investors after a bumpy start to her tenure, was leaving immediately by mutual agreement. It did not give further details but said it was maintaining its forecasts for fiscal 2025 and 2026.
The company is in the midst of a turnaround drive and in May unveiled a plan to cut $500 million in costs and make substantial asset sales by 2028, according to Reuters.
“CFO and Interim CEO Nik Jhangiani has to be a candidate for the permanent role, but whoever gets it, we don’t think Diageo’s problems will be easily resolved,” RBC Capital Markets analyst James Edward Jones was quoted as saying. Jhangiani was among the most highly-respected finance chiefs in the sector, who has been regarded as potential CEO material for a while, Jones added.
Jhangiani, according to an internal memo cited by Reuters, thanked Crew for her partnership. “I’m convinced that Diageo’s best days are ahead of us and I can’t wait to get started,” he wrote.
Jhangiani started his career in New York at accountancy firm Deloitte & Touche before spending two years at Bristol-Myers Squibb as international senior internal auditor.
He then joined the Colgate-Palmolive Company in New York where he was appointed group financial director for the Nigerian operations, before moving to The Coca-Cola Company in Atlanta.
Jhangiani held the position of CFO at Coca-Cola Europacific Partners (CCEP), the world’s largest Coca-Cola bottler with revenues of over €18 billion in 2023, a role he had held since 2016.
He has more than 30 years of finance experience gained in roles in the UK, Europe, India, Africa and the US, including 20 years as CFO; and has spent most of his career in consumer and beverage industries including 20 years within the Coca-Cola system.
Prior to taking up the position of CFO at Diageo, he was the CFO and SVP at Coca-Cola Enterprises (CCE) from 2013 to 2016, having joined CCE in 2012. From 2009 to 2012, he was group CFO at Bharti Enterprises.