Diageo has appointed Joanne Wilson, the former CFO of advertising giant WPP, as its next finance chief, marking another shift in leadership as the spirits company pursues a turnaround plan. Wilson will replace Nik Jhangiani, who joined Diageo in 2024 as CFO and briefly served as interim CEO after the death of long-time leader Ivan Menezes in 2023. Her transition is expected to take place “some time in 2027,” according to the company’s announcement.
Wilson’s hiring reflects Diageo’s focus on cost discipline. At WPP, she has overseen restructuring and asset sales as the agency handles declining revenue and client losses. The company’s investor day presentation in August highlighted challenges in North America, where shifting consumer habits, including reduced alcohol consumption, have pressured sales. Diageo’s net profit dropped 22.9% in fiscal 2026, falling to $1.9 billion after $900 million in restructuring charges.
Diageo expects to generate $850 million in savings over two years starting in fiscal 2027, part of a broader effort to stabilize growth while accelerating expansion in other regions. CEO Sir Dave Lewis emphasized the need for a “turnaround” in North America without slowing momentum elsewhere. Wilson’s background aligns with this strategy; her prior roles include senior finance positions at Britvic and Tesco, as well as a stint at audit firm KPMG. She currently serves as a non-executive director at Informa.
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Sir Dave Lewis, the liquor giant’s CEO, said Joanne Wilson has experience with companies undergoing transformation. The move comes as Diageo handles cost-conscious consumers and changing attitudes toward liquor consumption, which have led some customers to moderate their drinking.
Diageo’s restructuring plans include asset sales and operational reviews, though no specific targets have been disclosed beyond the $850 million savings goal. Wilson’s first major test will be aligning finance strategy with Lewis’s turnaround vision, particularly in North America, where declining volumes have outpaced pricing gains. Her tenure at WPP suggests she will approach the role with a focus on leaner operations, though the exact scope of changes remains unclear.