Nik Jhangiani: Diageo’s New CEO Leading the Turnaround
Nik Jhangiani has officially taken over as CEO of Diageo, the world’s largest spirits maker, succeeding Debra Crew after her two-year term. Jhangiani previously served as Diageo’s Chief Financial Officer (CFO) before being appointed to the top role.
Diageo, known for iconic brands like Johnnie Walker whiskey and Guinness beer, is aiming for a strategic revival under Jhangiani’s leadership.
Who is Nik Jhangiani?
Jhangiani is a 1988 graduate of Rutgers Business School, Newark, New Jersey, and a certified public accountant in the state of New York. He has held senior finance leadership roles across the US, Europe, India, and Africa.
Previous Experience
Before joining Diageo, Jhangiani served as Group CFO of Bharti Enterprises and spent 12 years at Coca-Cola, where he held key financial positions across regions.
Diageo’s Challenges and Focus Ahead
The company has faced a difficult year, with its share price declining by 20% over the past 12 months. Rising competition from alcohol alternatives like cannabis drinks and economic headwinds in key markets have added pressure.
Jhangiani plans to address these challenges by improving stakeholder communications and targeting $500 million in cost savings, according to a Reuters report.
Investor Confidence
Jhangiani has already impressed investors with his calm demeanor and strategic clarity. Four major investors, including one of the top 20 shareholders, told Reuters they see Jhangiani as a strong permanent CEO. However, they caution that he will need to focus on cutting Diageo’s debt and driving growth, especially in the US market amid potential tariff hikes and stretched consumer spending.
As Diageo navigates a critical period, all eyes are on Jhangiani to lead the company toward renewed growth and stability.
