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Investing.com -- Diageo PLC ADR (NYSE:DEO) stock surged 5.2% on Monday after the spirits giant announced the appointment of Sir Dave Lewis as its new Chief Executive Officer, effective January 1, 2026.
The former Tesco CEO, who led a radical recovery at the British retailer from 2014 to 2020, will take the helm at Diageo following an extensive global search. Lewis brings nearly three decades of experience at Unilever, where he held various executive roles focused on marketing and business performance, including instrumental work developing the Dove brand.
Sir John Manzoni, Diageo’s Chair, emphasized Lewis’s qualifications in a statement: "We are delighted to welcome Dave as Diageo’s new CEO. Having conducted an extensive and thorough global search, the Board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building and marketing world-leading brands, that is right for Diageo at this time."
Lewis, who was knighted in 2021 for his contributions to business and the food industry, currently serves as Chair of Haleon, a position he will relinquish on December 31, 2025. He also holds a non-executive board director role at PepsiCo Inc.
"Diageo is a world leading business with a portfolio of very strong brands, and I am delighted to be joining the team. The market faces some headwinds but there are also significant opportunities," Lewis said in the announcement.
Bernstein SocGen Group analyst Trevor Stirling, who maintains an Outperform rating on Diageo with a GBP24.20 price target, called the appointment significant: "Diageo lands a serious heavy-hitter as CEO - Sir Dave Lewis; Big news from Diageo. They have landed a really big hitter as CEO - Sir Dave Lewis, former CEO of Tesco with multi-decade experience at Unilever before that."
Nik Jhangiani will continue as Interim CEO until Lewis takes over, after which he will resume his role as CFO.
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