E-Malt.com News article: 4469

Canada: Molson Coors Brewing Company announced on March 18 that a number of management-level employees have elected to leave the company and exercise longstanding change in control (CIC) clauses as a result of the recent merger. The December 9, 2004, merger proxy disclosed the CIC provisions.

“We have a great team at Molson Coors that is deep with management talent. Most of these departures will be staged over the next several months to ensure a smooth, orderly transition and to take the company through its key summer selling season,” said Leo Kiely, chief executive officer of Molson Coors Brewing Company.

“I am looking forward to working with the rest of the management team to build an even stronger organization and a more competitive and diverse company,” Kiely added.

The following individuals will be leaving the company:

From Molson Coors Brewing Company:

Rob Klugman, Chief Strategy Officer
Bob Reese, Chief Legal Officer
Mara Swan, Chief People Officer
Ronald Tryggestad, Chief Accounting Officer
Jim Fredericks, Vice President, Global Rewards

From Coors Brewing U.S.:

David Barnes, Chief Financial Officer
Carl Barnhill, Chief Revenue Officer
Kevin Holland, Chief People Officer
Jeff Popkin, Regional Vice President, Sales
Olivia Thompson, Vice President, Corporate Excellence

From Coors Brewers Limited (U.K.):
Katherine MacWilliams, Chief Financial Officer

Several of these positions have already been filled or will be filled in the near future. Recruiting for the remaining open positions has already begun, as the company seeks both internal and external candidates to join the management team. For example, Ron Tryggestad has agreed to stay as chief accounting officer until his replacement is hired in the next few months.

“Many of these people have been with the company for a long time, and have made terrific contributions to where we are today. We wish them well and we will miss them,” said Kiely.

The company anticipates a severance expense in the first quarter of 2005 related to the CIC exercises. This expense is expected to be in the range of U.S. $13 million to $17 million pretax, excluding required payments for employee excise taxes and employee benefits.

Molson Coors Brewing Company is the fifth largest brewer in the world. It sells its products in North America, Europe, Latin America and Asia. Molson Coors is the third largest brewer in the U.S., the second largest in the U.K. and the leading brewer in Canada. The company’s brands include Coors Light, Molson Canadian, Carling, Kaiser, Coors, Killian’s Irish Red and Zima XXX.


20 March, 2005