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Diageo’s Billion-Dollar Restructuring | Cork News
Diageo, the global booze giant behind Guinness and Smirnoff, is slashing costs by a billion dollars under new CEO Dave Lewis—nicknamed “Drastic Dave”—as sales slump and profits hit a decade-low. With alcohol consumption falling and consumers tightening belts, Diageo’s revenue dropped 3% to $19.6 billion, with North America taking the biggest hit. Up to 150 jobs are at risk in Ireland, and Scottish unions warn 172 distillery workers could be cut. Despite pressure from bankers to sell off brands, Lewis insists on internal overhaul—not divestment—and aims to reinvent the company’s future through…
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