E-Malt.com News article: USA: Molson Coors CEO gets $5.9 million in 2007

Molson Coors Brewing Co.'s chief executive earned $5.9 million in total compensation for 2007, up 9 percent from the previous year as the nation's No. 3 brewer and its rival SABMiller announced plans to combine their U.S. operations, The Associated Press reported April 1.

Leo Kiely, 61, received a salary of $985,000, which was higher than the $945,000 he got in 2006, according to filing made with the Securities and Exchange Commission late Monday. He was also paid $2 million in incentive pay based on the company's performance, up from $1.66 million in 2006.

Another sizable portion of his package was stock and options estimated to be worth $2.7 million at the time they were granted. He also got other compensation worth $196,920 for benefits such as insurance, tickets for sporting events and other perks.

Kiely led Denver-based Molson Coors last year to boost 2007 net sales 5.9 percent to $6.19 billion despite increasing competition from craft beers.

Molson Coors produces Coors, Coors Light, Blue Moon and Molson beers while SABMiller, the No. 2 brewer, makes Miller Lite.

Kiely, who has headed Molson Coors Inc. since February 2005, is poised to become CEO of MillerCoors LLC, the joint venture of Molson Coors and SABMiller. The deal is expected to close this summer as long as its gets regulatory approval.

The company's stock climbed about 10 percent from March 30, 2007, to Monday's close of $52.57 a share. Shares rose $1.48 to close at $54.05 Tuesday.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements.

Molson Coors has scheduled its annual meeting for May 15 in Denver to elect directors and ratify the appointment of an independent auditor.


02 April, 2008