Diageo CEO Announces $1 Billion Cost Reduction Strategy

Diageo's new CEO, Dave Lewis, has introduced a $1 billion cost-cutting plan to address a period of weak growth. The initiative aims to reinvest savings into growth areas like Guinness and canned cocktails, and reduce prices on some brands. The company reported a significant increase in severance costs to $514 million for the fiscal year ending June 30, up from $73 million previously.