LONDON (Reuters) -Diageo's new interim CEO Nik Jhangiani has charmed investors with his cool confidence and clear communication, in contrast to his predecessor who struggled to win over the company's shareholders during her short term.

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.