MillerCoors LLC announced Chief Executive Tom Long is retiring from the company June 30. The company has begun a search for his successor.
The announcement came as MillerCoors and one of its parent companies, Molson Coors Brewing Co. , reported declining sales and lower profits for the December quarter. Shares of Molson Coors fell 4.1% Tuesday.
Under the 56-year-old Mr. Long, who was named chief executive in June 2011, MillerCoors managed to increase its profits but failed to reverse declining volumes for its top-selling beers, Coors Light and Miller Lite.
The company’s craft and import subsidiary, Tenth and Blake, which manages beers like Blue Moon and Leinenkugel, managed single-digit growth as U.S. consumers in recent years opted for craft and imports over light, American lagers.
In a statement, MillerCoors Chairman Pete Coors said, “Under Tom’s leadership, the company consistently delivered profit growth, pricing growth and cost savings, while dramatically improving capabilities in key areas like innovation, chain sales, revenue management, learning and development, and beer knowledge and appreciation.”…CLICK HERE TO READ THE FULL STORY AT WSJ.COM
