Former Tesco boss Sir Dave Lewis has been appointed as the new chief executive of Guinness-owner Diageo, effective January 1, to address the company's declining sales.

• Diageo's share price rose 7% following the announcement of Sir Dave's appointment.
• Sir Dave Lewis, known as "Drastic Dave," previously led Tesco for six years and spent nearly 30 years at Unilever.
• Diageo reported a decline in operating profits to £3.2 billion in the year to June, a 28% decrease year-on-year, with net sales down 0.1%.
• The company anticipates net sales growth to be flat to slightly down in the coming year due to a weaker US consumer environment and lower sales in China.