Core Viewpoint - Diageo's CEO Debra Crew has resigned immediately, prompting the board to initiate a formal succession process for her replacement [1][4]. Group 1: Leadership Changes - Debra Crew joined Diageo in 2019 and became the first female CEO in June 2023, succeeding Ivan Menezes, who had led the company for ten years [4][5]. - Under Crew's leadership, Diageo's performance declined, with the stock price dropping over 43% since June 2023 due to slowing demand in key markets like the US, China, and Latin America [4][5][7]. - Javier Ferrán, the chairman, initially praised Crew as the best candidate to lead the company into its next growth phase [6]. Group 2: Financial Performance - Diageo's net sales and profits reached record highs in the fiscal year 2023, but the company faced a downturn shortly after Crew took over [5][7]. - In the first half of fiscal year 2024, Diageo's net sales declined, particularly in the Latin America and Caribbean markets, which saw a 23% drop in organic net sales [7]. - The company reported a 3.5% year-on-year decline in sales volume, with management focusing on premiumization to offset the impact of declining sales [7][8]. Group 3: Strategic Plans - In May 2023, Crew announced a cost-saving plan aimed at achieving $500 million in savings through the sale of several brands [4][11]. - Following her resignation, the future of this "acceleration plan" remains uncertain, with the company having already begun asset sales, including the sale of its Italian subsidiary and stakes in various brands [13][14]. - Diageo continues to invest in its Chinese operations, including a planned investment of 800 million yuan in a new whiskey distillery in Yunnan [14][15].