Diageo said on Wednesday that it has appointed WPP finance chief Joanne Wilson as chief financial officer, replacing Nik Jhangiani. According to Sina Finance, the move is the latest step in new Chief Executive Sir Dave Lewis's overhaul of the executive team.

Diageo said Wilson will join the company board at some point in 2027. WPP said Wilson has a 12-month notice period, and her departure date will be agreed in due course.

Jhangiani served as Diageo's interim chief executive from July to December last year after former Chief Executive Debra Crew resigned. Lewis said he and Jhangiani agreed that now was the right time for the change after sharing Diageo's new corporate strategy.

Lewis said Wilson is an experienced CFO and business leader who will help accelerate Diageo's transformation. He added that she will work with him to oversee major cost cuts, including a plan to reduce costs by $1 billion over the next three years and cut thousands of jobs across the company's 30,000 employees.

WPP said Wilson's departure is a setback as the company undergoes a transformation under new Chief Executive Cindy Rose. Investors are concerned that rapid advances in artificial intelligence will erode client spending and expose the group to new competitors. WPP shares have fallen 61% over the past five years.