Diageo appointed former Tesco boss Dave Lewis as its CEO on Monday, ending a months-long search and turning to an outsider to revive growth at the world's largest spirits maker during a challenging period.

Diageo has today announced the appointment of Dave Lewis to the role of CEO and executive director, effective 1 January 2026.

Diageo remains a value trap, with persistent core issues and an unattractive risk/reward setup despite a prolonged bear market. Q1 2026 results disappointed again, showing flat organic sales, surprisingly weak pricing dynamics, and underperformance in the key markets China and the U.S.

On a reported basis, Diageo's net sales dropped 2.2% between July and September, as trouble in North America and Asia Pacific endured.

Former Tesco boss must lead alcohol group through shift in drinking habits after leadership turmoil and strategy doubts

Market jitters, however, showed signs of abating after the U.S. Senate advanced a bill that would reopen the government and keep it running until the end of January. Although, the bill would still require a green-light from the House of Representatives and U.S. President Donald Trump.

Diageo is the parent of Bulleit Bourbon in Kentucky, as well as Guinness beer, Johnnie Walker Scotch, Baileys Irish Cream and more.