Diageo Launches $1 Billion Cost-Cutting Plan Under New CEO

Diageo is a big drinks company that makes Guinness, Johnnie Walker and Smirnoff.

It is the world's largest spirits company.

Recently, it sold fewer drinks and earned less money.

Its new boss, Sir Dave Lewis, announced a plan to save $1 billion over three years.

The plan involves cutting costs and making its supply chain work better.

They also want to sell a wider range of drinks, including more affordable options, instead of relying heavily on premium spirits.

Sales fell in North America, its biggest market, and in Asia Pacific, where China's baijiu business was weak.

Europe performed well because people bought more Guinness and stocked up before the FIFA World Cup.

Investors liked the plan, and the company's share price went up.

Diageo hopes these changes will help it grow again.