Market Chatter: Diageo CEO Dave Lewis Orders Cost Cuts, Job Reductions

MT Newswires Live06-18

Diageo (DEO) Chief Executive Dave Lewis has ordered senior executives to implement broad cost-cutting measures as part of a major restructuring effort at the spirits giant, the Financial Times reported Wednesday, citing people familiar with the matter.

Lewis has set department-level cost-reduction targets instead of fixed layoff numbers, with "non-revenue-generating" teams expected to be most affected, the people told FT.

An internal announcement on job cuts is expected next week, the FT reported, citing the people.

Diageo announced in February its plan to revamp its "operating framework" to drive sustainable shareholder returns, a company spokesperson told MT Newswires.

"We will always prioritize informing our colleagues of any organizational changes first and have committed to update shareholders on our progress at a Capital Markets Day on Aug. 6," the spokesperson added.

Diageo shares were up 1.3% during Thursday's premarket.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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