LONDON & DENVER -- SABMiller plc and Molson Coors Brewing Co. have named two executives to key positions in the MillerCoors joint venture, effective upon the closing of the transaction. Tim Wolf was named chief integration officer-designate and Gavin Hattersley was appointed chief financial officer-designate of the prospective U.S. joint venture announced by SABMiller and Molson Coors on Oct. 9, 2007.
As previously announced, Leo Kiely, current CEO of Molson Coors, will be the CEO of the joint venture, and Tom Long, current CEO of Miller, will serve as president and chief commercial [image-nocss] officer.
Kiely said, "This is a very exciting time for both Coors and Miller and I am delighted that Gavin and Tim will be joining me at MillerCoors as we work to provide our consumers and distributors with greater choice, product availability and increased innovation. Both Tim and Gavin are seasoned industry leaders with extensive backgrounds in corporate financial management and proven success in delivering results."
He added, "We are cooperating fully with regulators in the antitrust clearance process and continue to prepare for the transaction to close by mid-2008, following regulatory clearance. We felt it was critical to designate the CFO and CIO roles now in order to facilitate the planning process and allow us to hit the ground running upon close."
As the new entity's CFO, Hattersley will be responsible for establishing financial management and commercial disciplines for the joint venture and for reporting financial performance to the two shareholders, said Kiely. "He is a respected financial leader with deep expertise in the beer business and has a proven track record of delivering synergies. Throughout his career he has built a reputation for his leadership, integrity and business acumen. In the industry, he's been widely recognized as a source of strength at Miller over the last five years and I look forward to working closely with him."
Hattersley has served as senior vice president of finance at Miller Brewing since 2002. Prior to that, he held various positions at SAB Ltd. in Johannesburg, South Africa, including CFO with responsibility for the financial aspects of all breweries and sales, distribution finances, credit management and finance re-engineering. Prior to joining SAB Ltd. in 1997, Hattersley held various financial positions at Barloworld Ltd.
"Tim Wolf will lead the integration process and the disciplined delivery of the $500 million integration synergy goal," said Kiely. "He has an outstanding track record in achieving and exceeding synergy goals at Molson Coors, as well as generating significant value for shareholders. During his more than 13 years at Coors and Molson Coors, Tim and our team have driven a 16-fold increase in the value of the company. His accomplishments have built the strong reputation and credibility our company enjoys with investors today. As a leader, he is passionate about the beer business and the people who make it happen day-to-day."
Wolf has served as CFO of Molson Coors since the 2005 merger of Molson Inc. and the Adolph Coors Co. Prior to 2005, he served 10 years as CFO for Adolph Coors and Coors Brewing. Before joining Coors, Wolf spent 16 years in various senior planning, strategy and control positions at PepsiCo and The Walt Disney Co.
The closing of the joint venture transaction is subject to obtaining clearance from U.S. competition authorities, certain other regulatory clearances and any required third-party consents. The Miller business and the Coors business will continue to be conducted separately and in the ordinary course until completion of the transaction.
SABMiller is one of the world's largest brewers with 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 a variety of market-leading local brands. Outside the United States, SABMiller is also one of the largest bottlers of Coca-Cola products in the world.
Molson Coors Brewing is one of the world's largest brewers. It 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 UK and Europe, through Coors Brewers Ltd.
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 United States, but does include the sale of other SABMiller brands in the United States.
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, and also holds 50% interests in the Rocky Mountain Metal Corp, and Rocky Mountain Bottle Corp. joint ventures. 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.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.