Diageo's new CEO plans $1bn in savings through major job cuts

Diageo CEO Dave Lewis announced a turnaround plan on 6 August 2026 to cut a significant share of the company's roughly 30,000 employees. The restructuring — reorganizing operations to improve efficiency — targets $1bn in annual savings over two years, at a total cost of $1.2bn. Severance charges alone may hit $514m. Shares rose over 6% on the news.