| Thu 28 Apr 2011, 8:00 | | SAB - SAB Miller Plc - SABMiller and Molson Coors announce MILLERCOORS |
|
SAB
SOSAB
SAB - SAB Miller Plc - SABMiller and Molson Coors announce MILLERCOORS
Management Succession
SAB Miller Plc
JSEALPHA CODE:SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
SABMILLER AND MOLSON COORS ANNOUNCE MILLERCOORS MANAGEMENT SUCCESSION
President & Chief Commercial Officer Tom Long named new CEO
Current CEO Leo Kiely Elects to Retire June 1st
April 27, 2011 (London and Denver) - With a strong foundation for organic
growth firmly in place at their U.S. joint venture, SABMiller plc (SAB.L) and
Molson Coors Brewing Company (NYSE: TAP; TSX) today announced the appointment
of MillerCoors President and Chief Commercial Officer Tom Long as the
company`s new chief executive officer following the decision of current CEO
Leo Kiely to retire effective June 1, 2011.
"Tom is a seasoned and thoughtful business leader perfectly suited to take
the reins from Leo and lead the next chapter of growth and development at
MillerCoors," said Peter H. Coors, chairman of the board, Molson Coors
Brewing Company. "A veteran of the U.S. and global beverage business, Tom
has over two decades of experience in senior sales, marketing and general
management roles. In his current role, Tom has delivered significant
progress against all of our commercial goals since the launch of MillerCoors
in July 2008."
Long`s succession as CEO and Kiely`s retirement are consistent with plans
made in late 2007 when Molson Coors and SABMiller originally struck the deal
to form MillerCoors with the goal of creating a stronger, more competitive
U.S. brewer. The two leaders have shared duties in the Office of the CEO and
President since September of 2010 in preparation for this move.
"Tom brings extensive experience to the table having served previously as
chief executive officer and chief marketing officer of Miller Brewing
Company," said SABMiller Chief Executive Graham Mackay. "He is a savvy
operator with a keen intellect and boundless energy. It is gratifying to see
his partnership with Leo produce the kind of orderly and smooth management
succession that we envisioned during the integration planning process."
Prior to joining Miller Brewing Company in 2005, Long spent 17 years at The
Coca-Cola Company, serving in key roles including president of the company`s
Northwest Europe Division, global vice president and director of strategic
marketing, and vice president of national sales in the U.S. He holds a
master`s of business administration from Harvard Business School and a
bachelor`s degree from the University of North Carolina at Chapel Hill.
"I`m excited to take on the challenge of leading MillerCoors in the next
phase of our journey to create America`s best beer company," Long said. "I
want to thank Leo for his leadership and partnership over the past three
years. His wisdom, guidance and good judgment have left an indelible mark on
MillerCoors and the strong foundation he has put in place will form the basis
for growth and success across the MillerCoors network."
Kiely`s successful tenure as the first CEO of MillerCoors punctuates a career
marked by major accomplishments that helped transform the face of the U.S.
beer industry. Kiely joined Coors Brewing Company as chief operating officer
in 1993 and was instrumental in the acquisition of what is now Molson Coors
UK. Known for his heads-in management style, affable personality and keen
knowledge of the beer business, Kiely led the merger of Adolph Coors Company
and Molson Inc. in 2005 and then became president and chief executive officer
of the new Molson Coors Brewing Company.
"Leo has successfully guided the integration and start up of the new company,
building a rock solid foundation that positions us to achieve our long-term
vision of creating America`s best beer company," Coors said. "While reliably
delivering our promised synergies, strengthening the core positioning of our
brands and greatly increasing pricing and profitability, Leo has coached and
developed a unified management team that we believe is the best in the U.S.
beer business."
At the helm of MillerCoors, Kiely delivered ahead of schedule on the
company`s promise of $500 million in synergies and put it well on track to
deliver another $250 million in additional cost savings. In 2009,
MillerCoors achieved EBITA of over $1 billion for the first time.
"It`s been an honor and privilege to lead the winning team at MillerCoors,"
Kiely said. "I have always believed that people make it happen in the beer
business and it`s been a pleasure to see the passion, pride and bias for
action that our folks bring to their work every day. I could not be more
proud of the accomplishments we have made together as a team and I am excited
that Tom will now have the opportunity to lead the company as our next CEO.
It`s the right time for a change, we have a great team, and Tom is the right
guy for the top job."
Overview of MillerCoors
MillerCoors brews, markets and sells the MillerCoors portfolio of brands in
the U.S. and Puerto Rico. Built on a foundation of great beer brands and
nearly 300 years of brewing heritage, MillerCoors continues the commitment of
its founders to brew the highest quality beers. MillerCoors is the second-
largest beer company in America, capturing nearly 30 percent of U.S. beer
sales. Led by two of the best-selling beers in the industry, MillerCoors has
a broad portfolio of highly complementary brands across every major industry
segment. Miller Lite is the great-tasting beer that established the American
light beer category in 1975, and Coors Light is the brand that introduced
consumers to Rocky Mountain cold refreshment. MillerCoors brews premium
beers Coors Banquet and Miller Genuine Draft, and economy brands Miller High
Life and Keystone Light. The company also offers innovative products such as
MGD 64, Miller Chill and Sparks. Through its new craft and import company,
Tenth and Blake, the company imports Peroni Nastro Azzurro, Pilsner Urquell,
Grolsch and Molson Canadian and features craft brews from the Jacob
Leinenkugel Brewing Company, Blue Moon Brewing Company and the Blitz-Weinhard
Brewing Company. MillerCoors operates eight major breweries in the U.S., as
well as the Leinenkugel`s craft brewery in Chippewa Falls, Wisconsin, and two
microbreweries, the 10th Street Brewery in Milwaukee and the Blue Moon
Brewing Company at Coors Field in Denver. MillerCoors vision is to create
the best beer company in America by driving profitable industry growth.
MillerCoors insists on building its brands the right way through brewing
quality, responsible marketing and environmental and community impact.
MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing
Company.
Overview of SABMiller
SABMiller plc is one of the world`s largest brewers with brewing interests
and distribution agreements across six continents. The group`s wide portfolio
of brands includes premium international beers such as Pilsner Urquell,
Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch, as well as leading
local brands such as Aguila, Castle, Miller Lite, Snow and Tyskie. SABMiller
plc is also one of the world`s largest bottlers of Coca-Cola products. In the
year ended March 31, 2010, the group reported $3,803 million adjusted pre-tax
profit and group revenue of $26,350 million. SABMiller plc is listed on the
London and Johannesburg stock exchanges. For more information on SABMiller
plc, visit the company`s website: www.sabmiller.com.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world`s largest brewers. It brews,
markets and sells a portfolio of leading premium quality brands such as Coors
Light, Molson Canadian, Molson Dry, Carling, Coors Banquet and Keystone Light
in North America, Europe and Asia. For more information on Molson Coors
Brewing Company, visit the company`s web site, www.molsoncoors.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning
of the U.S. federal securities laws, and language indicating trends, such as
"anticipated" and "expected". It also includes financial information, of
which, as of the date of this press release, the Companies` independent
auditors have not completed their review. Although the Companies believe
that the assumptions upon which their respective financial information and
their respective forward-looking statements are based are reasonable, they
can give no assurance that these assumptions will prove to be correct.
Important factors that could cause actual results to differ materially from
the Companies` projections and expectations are disclosed in Molson Coors`
filings with the Securities and Exchange Commission or in SABMiller`s annual
report and accounts for the year ended March 31, 2010, and in other documents
which are available on SABMiller`s website at www.sabmiller.com. These
factors include, among others, changes in consumer preferences and product
trends; price discounting by major competitors; failure to realize
anticipated results from synergy initiatives; and increases in costs
generally. All forward-looking statements in this press release are
expressly qualified by such cautionary statements and by reference to the
underlying assumptions. Neither SABMiller nor Molson Coors undertakes to
update forward-looking statements relating to their respective businesses,
whether as a result of new information, future events or otherwise. You
should not place undue reliance on any forward-looking statement. Neither
SABMiller nor Molson Coors accepts any responsibility for any financial
information contained in this press release relating to the business or
operations or results or financial condition of the other or their respective
groups.
Contacts
For further information, please contact:
SABMiller plc Tel: +44 20 7659 0100/ 414 931 2000
Nigel Fairbrass, Media Relations, SABMiller Mob: +44 7799 894265
Gary Leibowitz, Investor Relations, SABMiller Mob: +44 7717 428540
Molson Coors
Colin Wheeler, Media Relations, Molson Coors Tel: 303/927-2443
Dave Dunnewald, Investor Relations, Molson Coors Tel: 303/927-2334
MillerCoors
Julian Green, Media Relations, MillerCoors Tel: 312/496-2971
Date: 28/04/2011 08:00:08 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
