CHICAGO — Molson Coors has launched a revitalization plan that includes changing its name and consolidating its offices and leadership teams.
It also involves cutting up to 500 jobs, the company said. Eliminating duplication, shedding what’s not working and restructuring the organization will help the company achieve consistent top-line growth, according to Molson Coors, which will be Molson Coors Beverage Co. starting in January.
To do this, the company plans to invest in iconic brands and opportunities to grow in the above-premium space; expand beyond beer; and create new digital competencies for commercial functions, system capabilities for supply chain and capabilities for employees.
"Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” said Molson Coors President and CEO Gavin Hattersley. “Our revitalization plan is designed to streamline the company, move faster and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”
Highlights of Molson Coors’ revitalization plan include:
- Accelerating investments behind the largest brands in its portfolio and investing significantly in Molson Coors’ above-premium segment with added investment in existing brands, new innovations and possibly bolt-on acquisitions.
- Putting a greater focus on bringing new beverages to market faster with more precision by using the “test-and-learn” approach. This could reduce the time it takes to bring innovations to market in the U.S. from 18 months to four months.
- Spending several hundred million dollars to modernize its brewery in Golden, Colo., to increase supply-chain efficiency.
- Moving from a corporate center and four business units (MillerCoors in the United States, Molson Coors Canada, Molson Coors Europe and Molson Coors International) to two streamlined business units: North America and Europe. The North American business unit will consolidate the U.S., Canada and corporate center. The Europe business unit will be structured to allow for stand-alone operations developed and supported by a European-based team.
- Cutting approximately 400 to 500 employees, primarily in the existing United States, Canada and international segments and corporate. The Denver office will close, and Chicago will be designated as the North American operational headquarters. Other functional support roles housed in offices around the country will be based in Milwaukee.
Molson Coors will also consolidate the Global, MillerCoors, Canadian and MCI leadership teams, effective Nov. 1.
Team members will include Adam Collins, chief communications and corporate affairs officer; Simon Cox, president and CEO of Molson Coors Europe; Kevin Doyle, president of U.S. sales; Brian Erhardt, chief supply chain officer; Rahul Goyal, chief strategy officer; Tracey Joubert, chief financial officer; Fred Landtmeters, president of Canada; Pete Marino, president of emerging growth; Dave Osswald, chief people and diversity officer; Lee Reichert, chief legal and government affairs officer; and Michelle St. Jacques, chief marketing officer.
The position of president of the U.S. business will no longer exist.
Molson Coors is one of the world’s largest brewers. Its brands include Coors Light, Coors Banquet, Miller Lite, Molson Canadian, Carling, Staropramen, Leinenkugel’s Summer Shandy, Blue Moon Belgian White, Hop Valley, Creemore Springs and Crispin Cider.