Diageo CEO Debra Crew has stepped down after two years in the job, the world's biggest spirits maker said on Wednesday, with finance chief Nik Jhangiani taking over in the interim as the company strives to boost its performance and cut debt.

Debra Crew stepped down as CEO of Diageo after a challenging tenure marked by a significant drop in Latin America sales and declining volume sales amid volatile macroeconomic conditions. Nik Jhangiani,

Diageo (DEO) announced that chief executive Debra Crew has stepped down with immediate effect, Arash Massoudi, Madeleine Speed and Anjli Raval of Financial Times reported. This reportedly follows a period of declining alcohol sales and weakening investor sentiment that weighed heavily on the company’s share price.