Diageo CEO Debra Crew has stepped down after two years in the job, the world's biggest spirits maker said on Wednesday, with finance chief Nik Jhangiani taking over in the interim as the company strives to boost its performance and cut debt.

Diageo’s board has begun a formal search for Crew’s successor, and the company said it will consider both internal and external candidates. In the interim, Nik Jhangiani, chief financial officer, will assume the CEO role. The company noted that the change to leadership does not change its guidance for fiscal 2025 or 2026.

Diageo (DEO) announced that chief executive Debra Crew has stepped down with immediate effect, Arash Massoudi, Madeleine Speed and Anjli Raval of Financial Times reported. This reportedly follows a period of declining alcohol sales and weakening investor sentiment that weighed heavily on the company’s share price.