July 16 (Reuters) - Diageo ( DEO ) is planning to

replace CEO Debra Crew and is searching for a replacement to

lead a turnaround of the spirits maker, the Financial Times

reported on Wednesday, citing people familiar with the matter.

Shares of the maker of Johnnie Walker whisky and Guinness

beer rose about 3% following the report.

Diageo ( DEO ) declined to immediately comment to Reuters, while

Crew, who took over as boss in June 2023, could not be

immediately reached.

The company had in May unveiled a plan to cut $500 million

in costs and make substantial asset disposals by 2028, as it

looks to turn around its performance and reduce debt.

The FT report said that CFO Nik Jhangiani, who was appointed

to the role last September, is a potential candidate to step in

as interim CEO.