Core Viewpoint - Diageo's first female CEO, Debra Crew, has resigned after only two years in the role, prompting a search for her successor amid declining performance and market challenges [1][3][4]. Group 1: Leadership Changes - Debra Crew joined Diageo in 2019 and became CEO in June 2023, succeeding Ivan Menezes, who had led the company for a decade and passed away shortly before her appointment [1][6]. - Crew was initially seen as a promising leader due to her extensive experience in the consumer industry and previous success in North America, where she achieved a 14% organic net sales growth [6][7]. Group 2: Performance Decline - Since Crew's appointment, Diageo's stock price has dropped over 43%, with significant declines in key markets such as Latin America and the Caribbean, where organic net sales fell by 23% [3][7]. - The company has faced a broader downturn in demand post-pandemic, with a 3.5% year-on-year decline in sales volume and a need to manage excess inventory [8][9]. Group 3: Cost-Cutting Initiatives - 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, as Diageo has already begun selling assets, including its Italian subsidiary and stakes in various brands [12][13]. Group 4: Market Strategy in China - Diageo continues to invest in the Chinese market, including plans for a new whiskey distillery in Yunnan with an investment of 800 million yuan [14]. - The company has a long-standing partnership with Chinese liquor brand Shui Jing Fang, indicating a strategic focus on the Chinese market despite recent leadership changes [15].