Molson Coors Brewing Company announced that a number of management-level employees have elected to leave the company and exercise longstanding change in control (CIC) clauses as a result of the recent merger.
The December 9, 2004, merger proxy disclosed the CIC provisions.
"We have a great team at Molson Coors that is deep with management talent. Most of these departures will be staged over the next several months to ensure a smooth, orderly transition and to take the company through its key summer selling season," said Leo Kiely, chief executive officer of Molson Coors Brewing Company.
"I am looking forward to working with the rest of the management team to build an even stronger organization and a more competitive and diverse company," Kiely added.
The following individuals will be leaving the company:
From Molson Coors Brewing Company:
- Rob Klugman, chief strategy officer
- Bob Reese, chief legal officer
- Mara Swan, chief people officer
- Ronald Tryggestad, chief accounting officer
- Jim Fredericks, vice president, global rewards
From Coors Brewing U.S.:
- David Barnes, chief financial officer
- Carl Barnhill, chief revenue officer
- Kevin Holland, chief people officer
- Jeff Popkin, regional vice president, sales
- Olivia Thompson, vice president, corporate excellence
From Coors Brewers Limited (U.K.):
- Katherine MacWilliams, chief financial officer
Several of these positions already have been filled or will be filled in the near future. Recruiting for the remaining open positions has already begun, as the company seeks both internal and external candidates to join the management team. For example, Tryggestad has agreed to stay as chief accounting officer until his replacement is hired in the next few months.
"Many of these people have been with the company for a long time and have made terrific contributions to where we are today. We wish them well, and we will miss them," said Kiely.
The company anticipates a severance expense in the first quarter of 2005 related to the CIC exercises. This expense is expected to be in the range of U.S. $13 million-$17 million pretax, excluding required payments for employee excise taxes and employee benefits.