Diageo has named former Tesco executive Joanne Wilson as CFO of the drinks giant, replacing the outgoing Nik Jhangiani.
Jhangiani’s departure marks what would be his two-year anniversary this month as finance chief of the Guinness and Johnnie Walker brand owner, although he was briefly acting interim CEO following the exit of Debra Crew in mid-2025.
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Sir Dave Lewis, the former Tesco CEO who Diageo appointed as chief executive at the start of this year, said today (23 September): “Nik and I have agreed that, now we have shared our new strategy, this is the right time for this change.”
Jhangiani will remain with the London-listed company until Wilson comes on board sometime in the new year, with a specific date not specified.
Wilson is CFO of WPP plc, the advertising and communications business that is also listed in the UK capital, where she has been finance chief since early 2023.
Her previous CFO career includes drinks firm Britvic, now owned by Carlsberg, and the data-science company Dunnhumby. Wilson also held roles at Tesco over a ten-year period to 2016, including head of M&A and director of finance, a time that would have interlapped with Lewis’ CEO tenure from 2014 to 2020.
“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,” Lewis said.
“It is a real pleasure working with Nik and I would like to thank him for his support to me and his significant contribution to Diageo.”
Lewis set course on a new strategy soon after joining the Smirnoff vodka and Captain Morgan rum maker, with a key challenge to turn around the North America part of the portfolio. Executive cuts and efforts to reduce costs ensued, culminating in a $1bn savings plan announced in August and the elimination of almost 2,000 jobs in its last financial year.
A further 300 or so workforce cuts were revealed earlier this month across Diageo’s North American business.
Jhangiani said of his forthcoming departure: “I am proud that we were recently able to set out our three-year financial plan to our investors, including significant progress on deleveraging and strengthening our balance sheet.
“I would like to thank my fantastic team for their support, and I wish Dave and all our colleagues the very best for the future.”
Analysts at Barclays had a positive take on Wilson’s appointment to replace Jhangiani but with an inkling of reservation.
Its consumer goods analyst Laurence Whyatt wrote in a research note: “We welcome the appointment given the consistency with Lewis’ ambition to build a leadership team focused on delivery, productivity and commercial discipline.
“Wilson’s Britvic experience gives her direct relevance to beverages, while her Tesco and dunnhumby background adds consumer, retail and data credentials, alongside past experience of working with Dave Lewis.
“The key question will be whether Wilson can help accelerate delivery against the financial plan once she arrives.”
Meanwhile, Wilson said she was joining Diageo at “an exciting point in the company’s journey”, marked by a “clear strategy with significant opportunities ahead”.
