Guinness-owner Diageo said on Monday that it has named the former chief executive of Tesco Dave Lewis as its next chief executive.
Lewis, the current chair of consumer healthcare group Haleon, will take up the role on 1 January 2026.
He is replacing Debra Crew, who quit in the summer after a difficult period, including falling alcohol sales and an under-pressure share price.
Chief financial officer Nik Jhangiani has been at the helm since then on an interim basis, and had been seen as a potential candidate for the role full time. He will revert to finance chief from January, Diageo confirmed.
Last week Diageo - which also owns Johnnie Walker, Smirnoff and Don Julio tequila, among many others - cut its outlook, blaming lacklustre demand for spirits in China and soft demand in the US.
The profits warning sent the shares sharply lower.
In a statement, Diageo said that Lewis - who led Tesco for six years until 2020 - was a "proven chief executive with extensive marketing and brand-building experience".
John Manzoni, chair, added: "Having conducted an extensive and thorough global search, the board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building a marketing world-leading brands, that is right for Diageo."
Lewis will be paid £1.5m and a pension contribution of 14% of base salary. Details of his full future package, including bonuses, will be included in next year's remuneration report
Lewis said he was "delighted" to be joining the blue chip, adding: "The market faces some headwinds, but there are also significant opportunities."
Crew joined in 2023 following the sudden death of former chief Ivan Menezes.
Haleon, meanwhile, announced that independent director Vindi Banga will replace Lewis as chair of consumer healthcare firm.