E-Malt.com News article: USA: CEO of Coors Brewing will be paid $735,000 annually

Peter Swinburn, who became president and CEO of Coors Brewing Co. in December, will be paid $735,000 a year, according to Denver Business Journal, February 21.

Denver-based Molson Coors Brewing Co., the parent company of Coors Brewing, disclosed the salary in a filing with the Securities and Exchange Commission.

Swinburn replaced Frits van Paasschen, who resigned in August 2007 for a job outside of the industry. Before his promotion, Swinburn was CEO of Coors Brewers Ltd., the European and Asian business unit of Molson Coors.

Swinburn, who graduated from the University of Wales with a degree in economics, has been in the beer industry since 1974 and joined Coors in 2002 when the American brewer took over Bass Brewers. Swinburn was sales director for Bass Brewers at the time.

Swinburn was paid the equivalent of $613,018 in 2006, the last year for which his salary information is available from the SEC. He was paid in British pounds because Swinburn lived in England.

In addition to the bump in salary, Swinburn will reimbursed expenses tied to relocating to the United States, a housing assistance valued at about $665,000 and a monthly car allowance of $1,000. The company also will pay to fly Swinburn back to the United Kingdom four times a year, and to fly his wife back five times a year.

Molson Coors also disclosed in its SEC filing a retention plan for Kevin Boyce, president and CEO of Molson Canada. Among the perks, the company will cover a one-time country club or golf club initiation fee for Boyce and give him five weeks of vacation a year. Boyce joined the company in 2004 after nearly 20 years with consumer products company Unilever.


22 February, 2008