Diageo chief executive Debra Crew has quit with immediate effect and will be replaced on an interim basis by the embattled drinks group’s finance boss, after falling alcohol sales and waning investor confidence battered its share price.

Diageo said Chief Executive Officer Debra Crew stepped down after two years in the role, as the world’s largest spirits maker grapples with a pullback in alcohol consumption and tariff uncertainty.

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Diageo PLC closed 30.42% short of its 52-week high of £27.32, which the company reached on July 16th.

Nik Jhangiani, an industry veteran of Indian origin, has a career that spans over 30 years. He has held several senior finance roles in the US, Europe, India, and Africa.

Diageo CEO Debra Crew has stepped down after just two years in the job, the world's biggest spirits maker said on Wednesday, with finance chief Nik Jhangiani taking over in the interim as the company strives to boost its performance and cut debt.