Diageo names WPP CFO Joanne Wilson to succeed Nik Jhangiani in 2027

Wilson is currently chief financial officer at WPP plc. Her earlier roles include senior finance and commercial positions at Britvic, dunnhumby, Tesco and KPMG, where she qualified as a chartered accountant. She also serves as a non-executive director of Informa PLC.

Diageo's chief executive, Sir Dave Lewis, framed the move as timing aligned with the company's new strategy. He said Joanne is an experienced CFO and commercial leader who will "ensure we accelerate the turnaround of Diageo, having already delivered extensive transformations in her previous companies." The board's chair, Sir John Manzoni, said the board is grateful to Nik Jhangiani for repositioning the business and welcomed Wilson to help deliver the next phase of the company's transformation.

Diageo published specific elements of Wilson's pay package:

• Annual base salary: £900,000.
• Pension contribution (or allowance in lieu): 14% of base salary, matching the maximum pension level for new UK employees.

• Long-term incentive plan: opportunity aligned with the proposed Diageo Directors' Remuneration Policy, with a maximum award of 550% of base salary subject to shareholder approval at the November 2026 AGM.
• Shareholding requirement: expected to build a holding equal to 550% of salary.

Diageo said full details of her remuneration will appear in the Directors' Remuneration Report for the year ending 30 June 2027.

Transition and Nik Jhangiani's position

Nik Jhangiani will remain in his role to ensure a smooth handover to Wilson. Diageo reiterated that his remuneration arrangements have been determined by the Remuneration Committee under the current policy and that full details will appear in the same Directors' Remuneration Report. The announcement reiterates that any unvested LTIP awards for Jhangiani will be pro-rated to the date of cessation and remain subject to original performance conditions and a two-year post-vesting holding period.

• Wilson will join Diageo in 2027 after completing transition arrangements at WPP.
• Her detailed remuneration disclosures and further contract details will be released in Diageo's Directors' Remuneration Report for the year ending 30 June 2027.

• Sir Dave Lewis: "Joanne is a very experienced CFO and commercial leader who will ensure we accelerate the turnaround of Diageo, having already delivered extensive transformations in her previous companies."
• Sir John Manzoni: "The Board is grateful to Nik for everything that he has achieved with Diageo… I am delighted to welcome Joanne to the Board and look forward to her contribution."
• Joanne Wilson: "I am delighted to be joining Dave and the entire Diageo team at such an exciting point in the company's journey."
• Nik Jhangiani: "I am proud that we were recently able to set out our three-year financial plan to our investors, including significant progress on deleveraging and strengthening our balance sheet."