Full Breakdown
Diageo Names Joanne Wilson as New Chief Financial Officer Amid Turnaround
By Drooid · · How we work
Core Appointment
On September 23, 2026, Diageo (DGE.L) announced that Joanne Wilson will become its chief financial officer, succeeding Nik Jhangiani. Wilson, currently CFO of WPP plc, will join Diageo’s board and executive committee in 2027. The move reunites her with Diageo chief executive Sir Dave Lewis, with whom she previously worked at Tesco.
Background & Context
Sir Dave Lewis took over as Diageo CEO in January 2026 after weak demand for core brands such as John Walker whisky and Smirnoff vodka. To reverse declining sales, Diageo launched a $1 billion cost-reduction programme in August 2026, targeting $850 million of savings over two years and resulting in the elimination of almost 2,000 jobs in the most recent financial year. The company also reported a 26.2 % decline in net profit for fiscal year 2026.
Nik Jhangiani, who joined Diageo as CFO in September 2024 and briefly served as interim CEO in 2025, oversaw the “Accelerate” programme focused on cash delivery, operational excellence and cost efficiency. His departure follows a broader reshuffle as Lewis pushes a turnaround.
Data & Statistics
- $1 billion cost-reduction programme announced.
- $850 million of savings expected within two years.
- Nearly 2,000 jobs cut in the last financial year.
- Net profit fell 26.2 % in fiscal year 2026.
- Diageo shares have risen about 2 % year-to-date after four consecutive years of decline.
Official Statements & Responses
Verbatim Quotes
- “Nik and I have agreed that, now we have shared our new strategy, this is the right time for this change,” — Dave Lewis.
- “Joanne is a very experienced CFO and commercial leader who will ensure we accelerate the turnaround of Diageo, having already delivered extensive transformations in her previous companies,” — Sir John Manzoni.
- “I have enjoyed every minute of my time at Diageo. I am proud that we have recently been able to present our three-year financial plan to our investors, which includes significant progress in reducing debt and strengthening our balance sheet. I would like to thank my fantastic team for their support and wish Dave and all our colleagues the best for the future,” — the outgoing CFO.
Timeline
- September 22, 2026 (scheduled) – Sky News reported that Diageo could announce Wilson’s appointment as early as the following day.
- September 23, 2026 (occurred) – Diageo formally announced Wilson’s appointment as CFO.
- November 5, 2026 (scheduled) – Former Procter & Gamble CEO Alex Keith is expected to join Diageo’s board, subject to shareholder approval.
What’s Next
Diageo will finalize Wilson’s start date in 2027 and integrate her into the ongoing “Accelerate” transformation. The board’s addition of Alex Keith on November 5, 2026 may further shape governance as the company pursues its cost-cutting agenda.