Drinks company Diageo Plc said on Wednesday that chief executive officer Debra Crew has stepped down with immediate effect, by mutual agreement.
A comprehensive formal search process has already begun, Diageo said, which will include consideration of internal and external candidates.
Chief financial officer Nik Jhangiani will assume the role on an interim basis until a permanent appointment is made.
Crew has been CEO of Diageo since June 2023, having joined the company as a non-executive director in 2019, then serving as president of Diageo North America and subsequently as group chief operating officer.
Diageo said guidance for fiscal 2025 and 2026 remains unchanged from the third-quarter trading statement in May and full-year results will be published on 5 August as planned.
Chair John Manzoni said: "On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility.
"On behalf of all Diageo colleagues, I wish her every success in the future. The board's focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation."
At 1240 BST, the shares were up 3.3% at 1,949.39p.