Molson Coors CEO Retires, US Head To Take Over
Molson Coors Brewing Co has announced that US unit head Gavin Hattersley will replace current CEO Mark Hunter when the latter retires in September after more than a decade working with the brewer.
Under Hunter, the company bought out SABMiller's $12 billion stake in MillerCoors in 2016, which helped it grow sales in the United States.
But weakness in beer sales in the United States due to increased competition and growing demand for craft beers has weighed on the company's performance and its stock.
Its second-quarter sales fell 4.4% to $2.95 billion, well below Wall Street estimates, sending its shares down 8%.
Before becoming CEO in 2015, Hunter held several top positions and played a key role in the acquisition of the Carling business in the UK in 2002. Hattersley, 56, has been heading the US.unit since 2015 and was Molson's chief financial officer for three years before taking the role.