In a planned transition consistent with the Company’s by-laws, Molson Coors Brewing Company (NYSE: TAP) (TSX: TAP) today announced that Andrew Molson, the current vice chairman of the Molson Coors board of directors will assume the role of chairman, and Pete Coors, current chairman, will assume the role of vice chairman, effective May 26, 2011. The by-laws provide for the chairman and vice chairman to alternate between the Molson and Coors families every two years.
“As incoming chairman, I wish to thank Pete for his valuable contribution during his term. I look forward to continued engagement with our strong, independent board as we further strengthen and expand Molson Coors’ position as a leading global brewer. Our entire organization is focused on creating even greater value for our shareholders through global growth and a unique brand portfolio. On behalf of the Molson family, I look forward to continued success in this great partnership.”
Pete Coors commented, “I am pleased to be passing the chairmanship to Andrew, a seventh-generation member of the Molson family and I look forward to his leadership and our continued strong relationship. As we look to the future, both families continue to share a long-term commitment to the beer industry and this company. Our generations of family leadership drive us to take a long-term view of building value by investing in brands, attracting and retaining the best talent, and ensuring quality across the entire enterprise.”
Andrew Molson has been a member of the Molson Coors board of directors since 2005. He is a partner and vice chairman of RES PUBLICA Consulting Group, a Montreal-based holding and management company for two leading professional services firms, NATIONAL Public Relations and Cohn & Wolfe | Canada. He is a director of DundeeWealth, Groupe Desch?nes and of the Montreal Canadiens Hockey Club. Mr. Molson is president of the Molson Foundation and serves on the board of directors of several other non-profit, business and community institutions. He is a member of the Quebec Bar and holds an AB from Princeton University and a Masters in corporate governance and ethics (Msc) from the University of London (Birkbeck College).
Pete Coors is chairman of the board of MillerCoors, Molson Coors’ US joint venture. He previously served as chairman of the board of Adolph Coors Company from 2002 to 2005, and was chief executive officer from May 2000 to July 2002. Mr. Coors also served as a director of Coors Brewing Company, the company’s US-based subsidiary, beginning in 1973. In 2002, he was named executive chairman, and was chief executive officer from 1992 to 2000. He joined Adolph Coors Company in 1971 where he held a number of executive and management positions. Mr. Coors is a director of both Energy Corporation of America and University of Colorado Hospital, and serves as chairman of the University of Colorado Hospital Foundation. Mr. Coors also serves on the board and executive committee of the National Western Stock Show Association.
About Molson Coors Brewing Company:
Molson Coors Brewing Company is a leading global brewer delivering extraordinary brands that delight the world’s beer drinkers. It brews, markets and sells a portfolio of leading premium brands such as Coors Light, Molson Canadian, Carling, Blue Moon, and Keystone Light across The Americas, Europe and Asia. It operates in Canada through Molson Coors Canada; in the US through MillerCoors; in the U.K. and Ireland through Molson Coors UK; and outside these core markets through Molson Coors International. For more information on Molson Coors Brewing Company and our portfolio of brands, visit the company’s Web site, www.molsoncoors.com