Diageo's New Boss Just Pulled the Ripcord [Yahoo! Finance]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
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Source: Yahoo! Finance
Diageo's New Boss Just Pulled the Ripcord - Moby THE GIST Diageo just did something consumer staples giants hate doing. It cut the dividend, admitted parts of its strategy are out of step with the moment, and handed the keys to a turnaround specialist who is not afraid to bruise margins to fix the engine. WHAT HAPPENED Diageo shares tumbled after the company cut guidance, slashed its dividend, and outlined the early direction of a reset under new CEO Sir Dave Lewis, who took over just eight weeks ago. The most eye-catching move was the payout cut. Diageo reduced its dividend sharply, setting a new minimum annual level of 50 cents and declaring an interim dividend of 20 cents per share. Management framed the decision as necessary to create financial flexibility and strengthen the balance sheet. Lewis also signaled a shift in strategy. For more than a decade, Diageo leaned heavily into premiumization, betting consumers would drink less but spend more per bottle. Lewis calle
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