Dave Lewis Reappoints Former Colleagues to Drive Diageo Turnaround
Diageo's CEO Dave Lewis is rebuilding his team by bringing in trusted former colleagues, including Joanne Wilson as finance chief, to revitalize the struggling spirits giant.
Dave Lewis, who earned the moniker ‘Drastic Dave’ for his cost-cutting initiatives at Unilever and later at Tesco, is assembling a familiar team at Diageo to address the challenges facing the drinks conglomerate. Lewis, who took the helm at Diageo at the beginning of the year, has appointed Joanne Wilson as the company's new finance chief.
Wilson, currently with the advertising group WPP, is set to succeed Nik Jhangiani next year. Her appointment signals Lewis's strategy of bringing in individuals he has previously worked with and trusts to execute his vision for Diageo, the maker of popular brands such as Guinness, Smirnoff, and Johnnie Walker.
Analysts have noted the significance of this move. Seamus Cassidy, an analyst at TD Securities, described Wilson's appointment as surprising, given that Jhangiani was considered a potential successor to the chief executive role within Diageo. However, Dan Coatsworth of AJ Bell commented on Lewis's approach, stating, "Dave Lewis is getting the old gang back together again. Hiring former colleagues is a classic move in the business world as leaders bring on people they know they can trust to get the job done."