Diageo Appoints P&G Executive as New CEO Amid Turnaround Plan

Diageo, the prominent spirits company known for brands like Guinness, has appointed Shailesh Jejurikar, a senior executive from Procter & Gamble, to take over as its new Chief Executive Officer. This significant leadership change occurs as Diageo prepares to unveil a strategic turnaround plan to investors.

Jejurikar's move comes at a time when his former employer, Procter & Gamble, is embarking on a substantial restructuring. The consumer goods giant announced plans to eliminate 7,000 jobs, approximately 6.4% of its global workforce, over the next two years. This initiative is part of P&G's effort to streamline operations, review its extensive product portfolio, and potentially divest certain brands to reinvigorate growth, which has seen only modest increases in organic sales recently. The company has indicated that the job reductions will primarily affect non-manufacturing roles.

Diageo's strategic review is ongoing, with initial reflections informing immediate priorities. The company has stated it will provide further updates later in the summer. Diageo's latest financial updates noted mixed performance across its regions and progress on accelerating savings.