Diageo’s chief executive, Debra Crew, has stepped down from the role of CEO after two years, according to a report by The Times.

Nik Jhangiani, the chief financial officer, has been appointed as interim CEO as the company actively seeks a permanent replacement.

The Guinness owner stated that the decision to leave the role was a mutual agreement and did not disclose any further information.

The move comes amid the parent company of Johnnie Walker and Guinness facing struggles, and the drinks giant aims to boost its sales and reduce its debt.

This is part of Diageo’s business strategy, which aims to appoint a new leader to spearhead a turnover strategy after alleged investor backlash over plummeting shares.

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Last year there was increased pressure from investors to make a change in the leadership structure as Diageo’s shares hit a seven-year low in prices. During Crew’s time as CEO, Diageo’s shares declined by over 40%.

However, after reports of a new CEO appointment resurfaced, there was a 3% increase in Diageo’s shares.

In February the drinks manufacturer slashed its medium-term guidance as operating profits went down by 4.9% to £2.54bn and organic operating profits fell by 1.2% to £33m.

Additionally, the company warned that it may face a $150m hit from the additional tariffs from the US but expressed confidence in its ability to mitigate the financial impact of tariffs.

In May the company announced it would be taking initiatives to cut down its costs and increase its cash flow under the new Accelerate program.