Diageo's new CEO targets $1bn in savings, cutting significant share of 30,000-strong workforce

Diageo CEO Dave Lewis unveiled a turnaround plan on 6 August 2026 to cut a "significant" proportion of the company's roughly 30,000-strong workforce. The restructuring targets $1bn in annual savings over two years at a total cost of $1.2bn, with severance charges alone expected to reach $514m. Shares rose more than 6% on the announcement.