Diageo's Drastic Dave set to lay down law with job cuts

See more This is Money on Google - save us as a Preferred Source Updated: 02:46 EDT, 3 August 2026 Diageo’s new boss Dave Lewis is set to outline details of a much-anticiapted shake-up that could mean job cuts this week.Lewis is trying to turn around the fortunes of the FTSE 100 group – whose brands include Guinness, Johnnie Walker whisky and Smirnoff vodka – where he took the helm in January.After much speculation, the former Tesco chief executive - known as ‘drastic Dave’ - will provide some clarity on his strategy at the group’s capital markets day on Thursday (6 August).It has been reported that staff have been told of plans for considerable cuts, with some teams to be reduced by half and some offices to close.Lewis’s strategy is also thought to focus on making the group’s portfolio more competitive. This includes a focus on the growing category of ‘ready to drink’ canned products and a refresh of prices to appeal to cash-conscious consumers. 'Drastic' Dave is expected to outline details of a shake-up that could mean job cuts Shares are up 2 per cent this year, but down by more than 50 per cent over the past five years.The group will also reveal its results for the year to 30 June.Analysts expect annual sales to have declined by 2.1 per cent to £14.5billion, blaming weak demand in the US. Profits are set to be flat at £4.1billion.But investors will be hoping for news of a World Cup related sales bounce this summer across the World Cup period from June to July.Despite weak spirit sales in the US and Latin America, demand for Guinness, which has gained traction among young women, has been booming. Famous fans Dua Lipa and Olivia Rodrigo have helped it boost sales in Europe.Chris Beauchamp, chief market analyst at IG, said: ‘Diageo has the potential to be one of those alternatives to AI that investors are so keen on at present, but there is a lot of work to do.’DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you