Reuters reports that Diageo PLC CEO Dave Lewis is preparing workforce reductions of 20% to 30% within specific teams. Lewis issued the directive during a meeting with business leaders in Scotland.
The cost-cutting initiative follows a period of share price struggles for the spirits giant. Shifting consumer preferences and a post-pandemic drop in alcohol consumption have pressured the company.
CEO Dave Lewis, nicknamed Drastic Dave, maintains a reputation for aggressive restructuring strategies. Diageo shares rose 1.7% in premarket trading following the report.