USA: Coors Brewing CEO Resigns

Frits van Paasschen is resigning as president and chief executive of Coors Brewing Co. to take a job outside the industry, parent Molson Coors Brewing Co. announced, according to Associated Press September 7.

In an e-mail sent to employees, Molson Coors Chief Executive Officer Leo Kiely said he will take over van Paasschen's duties until a replacement is found.

The job was not specified but Kiely called it "a wonderful opportunity for him and his family."

A company spokeswoman declined additional comment.

Van Paasschen joined Coors from Nike Inc. in March 2005 after Adolph Coors Co. and Molson Inc. combined to create one of the world's largest brewing companies. He has more than 20 years of experience in business.

Peter H. Coors, Coors Brewing executive chairman, will work with Kiely on a daily basis to oversee the operation, the e-mail said.

Earlier this week, Molson Coors said it has formed a small brewing subsidiary to cultivate above-premium products, joining other large brewers searching for a way to gain a bigger share of the fast-growing market segment.

07 September, 2007