Diageo Plc said Chief Executive Officer Debra Crew has stepped down with immediate effect after just two years in the role. Chief Financial Officer Nik Jhangiani, recruited last September, has been appointed interim CEO while the board begins a search for a permanent successor, the world’s largest spirits maker announced on Wednesday. Crew’s departure follows a difficult stretch marked by declining sales, a November 2023 profit warning tied to excess inventories in Latin America and the prospect of higher U.S. tariffs. The company’s shares have lost roughly 44% of their value since she took over in June 2023. Diageo reiterated that it still expects to meet its fiscal-year 2025 and 2026 targets and is pressing ahead with a plan unveiled in May to shed assets and cut about $500 million in costs by 2028. Investors initially welcomed the leadership change, sending the stock up as much as 4.5% before gains faded. Analysts at RBC Capital Markets said Jhangiani is a credible contender for the permanent post but cautioned that reviving growth amid weak consumer demand and shifting drinking habits will remain challenging. Crew’s exit adds to a wave of CEO turnover across the global consumer-goods sector.