Diageo PLC (LSE:DGE) shares spiked after the Guinness and Smirnoff maker said that Debra Crew has stepped down as chief executive with immediate effect.
Insisting the move had been by mutual agreement, the FTSE 100 booze maker said it has begun a "comprehensive formal search process", examining both internal and external candidates.
Financial chief Nik Jhangiani will take on the role of CEO on an interim basis until a permanent appointment is made.
Diageo said its guidance for this year and 2026 remains unchanged from its update in May, with final results still expected to be published on 5 August.
Crew stepped in a month early to lead Diageo in June 2023 when Ivan Menezes was hospitalised for emergency surgery on a stomach ulcer, but died from complications in the operation.
It was revealed earlier that month that Warren Buffett's Berkshire Hathaway had built a stake in the company.
Shares in Diageo have fallen over 40% since then.
Crew joined the group as a non-executive director in 2019, before being moved into an executive role as president of Diageo North America and then chief operating officer, before being promoted to CEO.
Chair John Manzoni said she has steered the company "through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility".
The shares rose over 4% to 1,972p when the news was announced, before easing to 1,908p, a 1% gain.