Diageo has appointed WPP chief financial officer Joanne Wilson as its next finance chief, tasking the former Tesco executive with running the books at the world's largest spirits group as CEO Dave Lewis pushes through a broad cost-cutting and growth recovery plan.

Wilson, currently CFO of the London-listed advertising group WPP, will take up the Diageo role in 2027, replacing Nik Jhangiani after just two years in the post. Diageo announced the change on Wednesday.

The personnel move lands less than two months after Lewis and Jhangiani hosted a capital markets day laying out the new strategy, and assigns a long-tenured Lewis collaborator to the most operational finance seat at the maker of Guinness, Johnnie Walker and Smirnoff.

Why does the change matter for European on-trade accounts?

Diageo's three biggest brands anchor bar and hotel beverage programmes across the UK, Ireland and continental Europe. Any shift in capital allocation, marketing spend or route-to-market strategy under the new finance chief will shape pricing, promotional support and category visibility for the operators and wholesalers that handle those brands in the on-trade.

Wilson overlapped with Lewis at Tesco from 2014 to 2020, when Lewis earned the nickname "Drastic Dave" for restructuring the supermarket group's UK business. Wilson later served as finance chief of Tesco-owned data science unit Dunnhumby, before moving to WPP.

"Given Wilson's prior experience with CEO Dave Lewis at Tesco, a move may reflect efforts to build a leadership team more aligned with Lewis' strategic vision," TD Securities analyst Seamus Cassidy said, calling the switch surprising because Jhangiani had been viewed by some investors as a potential CEO successor.

What is Jhangiani leaving behind?

Jhangiani joined Diageo in 2024 and rose quickly through the ranks. He served as interim CEO following the surprise departure of Debra Crew in July 2025, and emerged as a stabilising figure during one of the most turbulent periods in the spirits group's recent history.

"Nik and I have agreed that, now we have shared our new strategy, this is the right time for this change," Lewis said in the statement, thanking Jhangiani for his support and significant contribution to Diageo.

Jhangiani said he enjoyed every minute at Diageo and wished the team the best for the future. His departure was first reported by Sky News on Tuesday.

What happens next?

Wilson will complete her WPP tenure before formally joining Diageo in 2027, leaving a multi-year gap on the finance seat that Jhangiani held briefly. Investors will track the group's subsequent trading updates for evidence the strategy outlined at the capital markets day feeds through to volumes and margins. European on-trade operators should expect the leadership transition to be staged without immediate changes to existing account terms and wholesale pricing arrangements.