STORY: Diageo CEO Debra Crew stepped down on Wednesday (July 16) after two years in the job.

That's according to the world's biggest spirits firm...

Which named finance chief Nik Jhangiani as the interim leader.

The maker of Guinness is in the middle of a turnaround drive.

And in May revealed a $500 million cost-cutting plan.

Diageo has faced declining sales.

The drinks sector has seen high inflation and interest rates forcing consumers to cut spending.

The company's shares lost about 44% of their value during Crew's tenure amid this sector-wide downturn.

With one analyst hoping new leadership could "reinvigorate" the company.

Still, Diageo's shares have been among the better performers in the European wine and spirits sector.

Crew and Jhangiani did not immediately respond to requests for comment.