– Another one. Something’s in the air in recent weeks—female CEOs are leaving their jobs left and right. The latest major CEO to do so, after Hershey’s Michele Buck and X’s Linda Yaccarino, is Debra Crew, the leader of U.K. alcohol business Diageo.
Crew took over the spirits company, part of Britain’s FTSE 100, in 2023. She was one of fewer than 10 female CEOs among FTSE 100 companies and No. 96 on Fortune’s Most Powerful Women list this year.
But Diageo, the maker of Johnnie Walker and Guinness, has struggled mightily during her tenure. Its shares are down 43% since she took the helm. Some of that fall was outside her control; it’s a “difficult time to be a spirits CEO” a Jefferies analyst wrote, per Bloomberg.
During her tenure, Crew mainly continued a strategy her predecessor Ivan Menezes set—encouraging customers to buy more expensive products. In a tough market for consumer spending—plus tariffs, changing drinking habits among young people, and a massive slowdown after the at-home drinking highs of the pandemic—that was a risk.
Crew was only in her role for two years; she came in initially from a board role and served as president of North America and COO before CEO. Yesterday, she left by “mutual agreement.” She didn’t have much of a chance to turn the business around. It’s a time of change in the business world—let’s hope more change doesn’t mean booting the female CEOs left standing.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Sara Braun. Subscribe here.
ALSO IN THE HEADLINES
- Money moves. Anthropic, cofounded by Daniela Amodei, is reportedly on track to be valued at more than $100 billion in its latest funding round. Investors have preemptively approached the AI company with the offer; it wasn’t formally fundraising. The news comes after Mira Murati’s Thinking Machines Lab formally closed its $2 billion seed round with a $12 billion valuation earlier this week. The Information
- Bondi under fire. Attorney General Pam Bondi has faced a barrage of criticism from MAGA supporters since the Justice Department revealed a memo on disgraced financier and sex offender Jeffrey Epstein, stating that there is no evidence of a client list and that no further documents would be released. Speaker Mike Johnson (R-La.), has broken ranks with President Trump and Bondi on the issue, saying that he’d want to see more files released to the public. NPR
- A global issue. Iran has deported over 1.4 million Afghans this year, leading to devastation among the women and girls who have had to go back to living under the Taliban regime. The current Afghan government has made it illegal for girls to study beyond sixth grade; women cannot hold jobs or go to public spaces without a male companion. New York Times
- Dummy decisions. A group of bipartisan women senators is sponsoring the “She Drives Act” to require the use of advanced test dummies that better reflect the driving population, including one simulating a petite woman. While women make up about half of U.S. drivers, they are 73% more likely to suffer serious injuries and 17% more likely to be killed than men, according to the National Highway Traffic Safety Administration. The most commonly used test dummies today represent a 5'9" man who weighs 171 pounds. CBS News
MOVERS AND SHAKERS
Gannett announced the appointment of Wendy Naugle as the executive editor of entertainment for the USA Today network. She most recently served as editor-in-chief of PEOPLE Magazine.
Avalara, a compliance software company, announced the appointment of Adrianna Burrowsas chief marketing officer. She most recently served as the head of global marketing at Shopify.
Drax Group, a renewable energy company, appointed Deidra L. Jackson as senior vice president of corporate affairs in North America. She most recently served as chief external affairs officer at Ridgeline Advocacy Group
The American Association of Community Colleges (AACC) announced the appointment of Dr. DeRionne Pollard as president and CEO. She currently serves as the president of Nevada State University.
ON MY RADAR
Is a floral dress a political statement?Washington Post
What do women owe women in a toxic workplace?The Cut
Etsy witches charge for jobs, sunshine, and Knicks wins. Business is booming Wall Street Journal
PARTING WORDS
“I grew up with parents who loved storytelling and loved books, but they both understood in their way that they could expand our worlds, even if they couldn't afford to give us the world.”
— Political strategist and former gubernatorial candidate Stacey Abrams on how her parents nurtured her love of writing
