Diageo CEO Lewis Projects 2-3% Sales Decline, Halves Dividend; Shares Tumble 6%

This move comes amid persistent weakness in the U.S. market and softness in Chinese white spirits, contributing to a 6% drop in the company's shares. Lewis, nicknamed "Drastic Dave," faces the challenge of reducing debt and reviving growth for the world's largest spirits maker, which has also been impacted by tariff uncertainty and evolving consumer preferences, including the rise of weight-loss drugs.

The company's interim dividend was halved to 20 cents per share, and debt levels remain a concern. Lewis plans to present a comprehensive strategy update in the coming quarters.