Sir Dave Lewis has hired his former Tesco colleague Joanne Wilson as Diageo's next chief financial officer, part of the chief executive's push to turn around the Guinness maker. Wilson, currently CFO at the advertising group WPP, will join Diageo in 2027 and will sit on its board and executive committee, replacing Nik Jhangiani, who is leaving after a mutual decision with the board. Lewis, who started as Diageo's chief executive in January and earned the nickname "Drastic Dave" for his cost-cutting, is seeking $1bn (£750m) in savings to overhaul major brands including Captain Morgan and Smirnoff, where sales have declined. The plan also doubles production of Guinness after sales of the stout rose 12pc in the 12 months to June, and pivots Diageo towards more cost-conscious drinkers. Diageo has already cut 2,000 jobs in the past 12 months; its revenue fell 3pc to $19.6bn last year, while operating profit plunged 27pc to $3.2bn.
Diageo PLCDiageo's revenue fell 3% and operating profit plunged 27%, with CFO exit and turnaround cost-cutting amid declining brand sales.
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