Diageo Tumbles After New CEO Makes Clear There’s No Easy Fix

Diageo Plc’s shares slumped the most on record after new Chief Executive Officer Dave Lewis set out the scale of turnaround needed at the British distiller.

Just seven weeks into his role running the maker of Guinness stout and Johnnie Walker whisky, Lewis said he was surprised by the “low level of investment” Diageo has made in properly serving its customers, including bars, pubs, restaurants as well as supermarkets and convenience stores.