Hit the Ground Running'
MillerCoors leadership team announced
LONDON & DENVER -- SABMiller plc and Molson Coors Brewing Co. have announced the MillerCoors leadership team. As previously announced, Leo Kiely, current CEO of Molson Coors, will be the CEO of MillerCoors; Tom Long, current CEO of Miller Brewing, will serve as president and chief commercial officer; Tim Wolf, current CFO of Molson Coors, will be the chief integration officer; and Gavin Hattersley, current senior vice president of finance at Miller, will be CFO.
In addition, the following appointments to the MillerCoors leadership team will become effective upon the closing of the [image-nocss] transaction, which is expected to take place June 30, 2008:
Tom Cardella, Eastern Division President. Ed McBrien, Western Division President. Andy England, Chief Marketing Officer. Dennis Puffer, Chief Operating Officer. Karen Ripley, Chief Legal Officer. Jeanine Wasielewski, Head of Information Technology. Cornell Boggs, Chief Responsibility and Ethics Officer. Steve Woodward, Chief Human Resources Officer. Chris Kozina, Chief of Staff. Nehl Horton, Chief Communications and Government Affairs Officer.
Kiely's direct reports will include Long, Wolf, Hattersley, Puffer, Ripley, Boggs, Woodward and Kozina. In addition, Jake Leinenkugel, president of the Jacob Leinenkugel Brewing Co., will report directly to Kiely.
Cardella, McBrien, England and Horton will report to Long. In addition, chain accounts, the craft and imports division; distributor consolidation and sales services; revenue management; strategy and M&A and commercial planning will also report to Long. The leaders of these functions will be named shortly.
Wasielewski will report to Wolf. In addition, Kevin Self, vice president of integration and synergies, and Scott Whitley, vice president of integration planning, will report to Wolf.
"As we continue to name the next levels of leadership, we will tap into the great talent at both Miller and Coors. We have already begun planning the core elements of the integration process, including developing our corporate, sales and marketing structures so we will be able to hit the ground running on July 1," said Kiely.
The Miller and Coors businesses will continue to be operated separately and in the ordinary course until completion of the transaction.
On October 9, 2007, SABMiller and Molson Coors Brewing announced that they had agreed to combine the U.S. and Puerto Rico operations of their respective subsidiaries, Miller and Coors, in a joint venture.
SABMiller and Molson Coors expect the transaction to generate approximately $500 million in annual cost synergies to be delivered in full by the third full financial year of combined operations. The transaction is expected to be earnings accretive to both companies in the second full financial year of combined operations. SABMiller and Molson Coors will each have a 50% voting interest in the joint venture and have five representatives each on its board. Based on the economic value of the contributed assets, SABMiller will have a 58% economic interest in the joint venture and Molson Coors will have a 42% economic interest.
On October 9, 2007, SABMiller and Molson Coors Brewing announced that they had agreed to combine the U.S. and Puerto Rico operations of their respective subsidiaries, Miller and Coors, in a joint venture. SABMiller and Molson Coors will each have a 50% voting interest in the joint venture and have five representatives each on its board. Based on the economic value of the contributed assets, SABMiller will have a 58% economic interest in the joint venture and Molson Coors will have a 42% economic interest.
London-based SABMiller has brewing interests or distribution agreements in more than 60 countries across six continents. The group's brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro, Grolsch and Pilsner Urquell, as well as an exceptional range of market leading local brands. Outside the USA, SABMiller is also one of the largest bottlers of Coca-Cola products in the world. In the year ended 31 March 2008, the group reported $ 3.639 billion adjusted pre-tax profit and revenue of $21.41 billion.
Molson Coors Brewing, Denver, brews, markets and sells a portfolio of brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light. It operates in Canada, through Molson Canada; in the United States, through Coors Brewing; in the United Kingdom and Ireland, through Coors Brewers Ltd.
Milwaukee-based Miller produces, markets and sells the Miller portfolio of brands in the United States. The Miller business to be contributed to the joint venture does not include the sales of Miller brands outside the U.S., but does include the sale of other SABMiller brands in the United States.
Golden, Colo.-based Coors produces, markets and sells the Coors portfolio of brands in the United States and Puerto Rico, which is managed as an integral part of the U.S. business. The Coors business to be contributed to the joint venture will not include the sales of Coors brands outside the United States and Puerto Rico. The business to be contributed does include the sale of other Molson Coors brands in the United States and Puerto Rico.