Diageo appoints Dave Lewis as CEO
Smirnoff owner Diageo has named former Tesco boss Sir Dave Lewis as its new CEO following an “extensive” global search.
Lewis will take over the role on 1 January 2026 from interim CEO Nik Jhangiani, who will return to the position of chief financial officer (CFO).
Lewis brings extensive experience to London-headquartered Diageo, including a six-year CEO stint at the UK’s biggest supermarket chain Tesco from 2014 to 2020 and 28 years at British consumer goods giant Unilever.
He will join Johnnie Walker maker Diageo as CEO and executive director from British healthcare conglomerate Haleon, where he has been chair since its creation in 2022.
“Diageo is a world-leading business with a portfolio of very strong brands, and I am delighted to be joining the team,” Lewis said. “The market faces some headwinds but there are also significant opportunities. I look forward to working with the team to face these challenges and realise some of the opportunities in a way which creates shareholder value.”
Diageo said the new CEO “reflects the outcome of a rigorous process, conducted by the board with external support, over the last few months”.
The spirits multinational had considered both internal and external candidates for the top job.
In its search, Diageo prioritised finding a successor who could “deliver a return to consistent and sustainable growth” and invigorate its strategy to produce shareholder value in a “potentially evolving” alcohol landscape.
‘Next successful chapter’
Diageo chair Sir John Manzoni, who led the search for a new CEO, welcomed Lewis to the company.
“Having conducted an extensive and thorough global search, the board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building and marketing world-leading brands, that is right for Diageo at this time,” Manzoni noted.
“We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment.
“The board wishes to recognise and thank Nik Jhangiani for his excellent leadership as interim CEO and for continuing to drive forward Diageo’s sharpened strategy.”
Joining Diageo in 2024 as CFO, Jhangiani stepped into the CEO role temporarily following the sudden departure of Debra Crew in July this year. Crew became CEO of Diageo in 2023 after the death of Sir Ivan Menezes, who had led the business for 10 years.
Former Diageo executive Deirdre Mahlan took over the CFO role from Jhangiani in July. She will continue to support the company during the transition period as Jhangiani returns to his former position.
£1.5m salary
Diageo confirmed that Lewis would be paid an annual remuneration of £1.5 million (US$1.98m) and a pension contribution of 14% of the base salary.
Prior to joining Tesco, Lewis worked in several management positions at Unilever, including president of the Americas and global president for personal care.
Lewis is also a non-executive director with PepsiCo and chairman of Xlinks, a renewable energy business. He also serves as chair of the board at non-profit organisation the World Wildlife Fund-UK.
In recognition of his contribution to business and the food industry in the UK, Lewis was knighted in the 2021 New Year’s Honours List.
Diageo recently revised its guidance for fiscal 2026 following flat organic sales for its first quarter.
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