Diageo Names 'Drastic Dave' Lewis as New CEO to Navigate Industry Challenges

Diageo has appointed former Tesco CEO Dave Lewis as its new Chief Executive Officer. Known for his transformative leadership at Tesco, Lewis is tasked with revitalizing growth and addressing financial challenges at Diageo, the world's largest spirits maker, amid changing consumer behaviors and market uncertainties.

In a strategic move to overcome pressing challenges, Diageo has named Dave Lewis, previously head of Tesco, as its new CEO. The appointment comes as the company seeks to kickstart growth and address high debt levels and changing consumer trends.

Lewis, known for transforming Tesco during tumultuous times, is stepping into the role during a critical period. With tariffs rising in the U.S., Diageo's biggest market, and a growing trend away from alcohol consumption among young consumers, Lewis faces a multifaceted challenge.

Diageo's shares saw an 8% surge following the announcement. Analysts view Lewis as a capable leader to drive the company's strategic vision forward, drawing on his considerable experience in turning around ailing businesses and reinforcing market leadership.

(With inputs from agencies.)