India, July 17 -- A finance veteran with over 30 years in top positions across continents, Indian-origin business leader Nik Jhangiani has taken over as the interim chief executive officer (CEO) of the world's biggest liquor company, Diageo.

At the British multinational, where he has been the chief financial officer (CFO) since last year, he succeeds Debra Crew in the CEO's position which she has stepped down from after two years, the company said on Wednesday.

Diageo is best known to consumers as the company that makes Johnnie Walker whiskey and Guinness beer. It has struggled over the past 12 months and is now targeting $500 million in cost savings, Reuters has reported. Its share price has dropped 20% in the last 12 months.

Nik Jhan...