E-Malt.com News article: Canada: Molson Coors appoints new CEO of its Canadian business

Molson Coors brewing company announced on June, 2 that it has named Dave Perkins, 55, as its new president and chief executive officer of Molson Canada, the Associated Press reported on the same day.

Dave Perkins will replace Kevin Boyce, who is leaving after four years as chief executive of Molson Canada to "pursue other opportunities."

"This decision is not related to any specific event," said company spokeswoman Marieke Tremblay.

Perkins, a 28-year Molson veteran, will return to Canada from the United States, where he has been president of the Molson Coor's Global Brand and Market Development organization.

Tremblay said the new CEO’s top focus will be improving the performance of the Molson brands.

He was previously president of Molson USA and president of market development for Molson Inc. in North America.

Molson Coors CEO Peter Swinburn said Perkins has many years of senior leadership experience and extensive "brand-building expertise" in Canada, the U.S. and global markets.

"As a long-time champion of Molson brands with a deep understanding of the Molson brand portfolio and Canadian markets, Dave's transition will be quick and seamless," he stated.

Perkins called his new position a "once-in-a-lifetime opportunity."

The Canadian division generates about 60 per cent of the operating profits for Molson Coors.

UBS analyst Kaumil Gajrawala recently said he expects a strengthening performance from the brewer this year and into 2010, in part, because it won't face unflattering comparisons from more than a year ago due to deep discounting in Quebec.

Molson Coors Canadian market share fell by three-quarters of a percentage point in the first quarter, while the beer industry was down 1.2 per cent because the company decided not to fully participate in deep discounting in Quebec.

The Canadian business had adjusted earnings of $58.1 million, off 9.4 per cent in U.S.-dollar terms because of the weakening loonie, but up 13 per cent in local-currency terms. Sales in U.S. dollars fell 15.6 per cent to $421.8 million on flat volume and a 20 per cent sag in the Canadian dollar.

Overall, Molson Coors earned US$75.7 million, or 41 cents a share, in the three months that ended March 29. That compared with year-earlier earnings of $34.3 million or 19 cents a share - before Molson Coors and SABMiller PLC formed the MillerCoors joint venture for the U.S. market.

Founded in 1786, Molson is North America's oldest beer brand. It has 3,000 employees across Canada and was part of the 2005 merger with Coors to create Molson Coors.


03 June, 2009