Molson Coors Beverage Co., Chicago and Montreal, introduced that after 28 years within the beer trade, together with greater than six years as president and CEO, Gavin Hattersley has knowledgeable the corporate and the Board of Administrators that he intends to retire from the corporate and as a member of the board, in every case, by Dec. 31, 2025.
In accordance with the corporate’s established governance insurance policies, the Board is launching a search led by the Governance Committee to determine and appoint the subsequent CEO. The committee will profit from its current CEO-succession course of and can think about inner and exterior candidates, the corporate says. A nationally acknowledged search agency will help the committee by means of the method, it notes.
“Gavin has been a gentle hand on the wheel as CEO, navigating by means of unbelievable challenges that nobody may ever have predicted whereas guiding our firm to progress, strengthening our basis, and setting us up for a fair brighter future to come back,” stated Board Chair Geoff Molson, in a press release. “Our enterprise at the moment stands on the shoulders of the various generations of the Molson and Coors households who’ve come earlier than us. Gavin has lived as much as their wealthy legacy, and he’ll retire having left an indelible mark on our enterprise and the worldwide beer trade. We’re extremely appreciative of his management.”
Board Vice-Chair David Coors, added: “Gavin has at all times been a frontrunner you’ll be able to rely on to function with integrity, share his views overtly and actually, convey groups collectively, and do what’s finest for the enterprise. Whether or not it’s our folks or our companions, Gavin’s management has helped everybody round our enterprise be their finest, and he’s put our firm on a path to a fair brighter future. I need to thank Gavin for his a few years of service, his management and his ardour for our collective success.”
Hattersley entered the beer trade with South African Breweries (SAB) in 1997, serving in management roles at SABMiller, MillerCoors and Molson Coors. When SAB acquired Miller in 2002, he was the primary South African to maneuver into the U.S. enterprise, and he has been one of many key leaders who helped develop the enterprise. Since then, the corporate has grown each its prime and backside line considerably, reaching annual web gross sales income of $11.6 billion and underlying revenue earlier than revenue taxes of $1.6 billion in 2024.
He additionally was closely concerned within the creation of the MillerCoors U.S. three way partnership in 2008, serving because the enterprise’s first CFO and later its CEO. Hattersley grew to become CEO of Molson Coors in September 2019 and has led the corporate to its strongest place because it was fashioned — returning the corporate to progress underneath his Revitalization Plan and constructing on that progress along with his Acceleration Plan, it says.
In these six years, Molson Coors has delivered its two highest years of annual web gross sales income and its two highest years of underlying revenue earlier than revenue taxes. The corporate has decreased its web debt by almost 40% for the reason that finish of 2019 and improved the steadiness sheet to its strongest place for the reason that MillerCoors acquisition in 2016. It has premiumized its world portfolio and begun its transformation into a complete beverage firm. Hattersley additionally solid a number of partnerships in beer, together with a three way partnership with D.G. Yuengling and Sons, and past beer, together with a relationship with The Coca-Cola Co. and the commercialization rights to Fever-Tree in the US. But, he’ll contend that he’s most happy with the wonderful workforce he has helped create and the careers he has helped develop.
“We’ve achieved a lot over the previous six years and one factor I’m sure of is that none of it might have been attainable with out every of the 16,000 folks throughout our enterprise,” Hattersley stated in a message to Molson Coors staff. “You constructed the plans. You introduced them to life. You pushed in the proper locations. You noticed what others didn’t. You have been prepared to take sensible dangers, to reside as much as the wealthy historical past of our manufacturers whereas constructing for a fair brighter future. Whether or not you might be on the Management Staff or are simply getting began in your profession right here, whether or not you’re employed within the area, in our places of work or in a brewery, whether or not you might be in our largest market or our smallest, you might be chargeable for our success and you might be main Molson Coors to a brighter future.”
The Board’s intention is for the subsequent CEO to construct upon the successes of Hattersley’s Revitalization and Acceleration Plans, persevering with to strengthen the corporate’s core manufacturers, premiumize its portfolio, develop past beer, and spend money on the corporate’s capabilities and other people to realize its long-term progress ambitions, it shares.
