Gavin Hattersley will retire at the end of 2025 after six years as CEO of Molson Coors Beverage Company.
Molson Coors announced today that Hattersley informed the board of directors on Saturday (April 12) of his plans to retire as CEO and abdicate his board seat, effective December 31. He will wrap up a 28-year career in the beer industry, including leading the company’s U.S. beer division, MillerCoors, as president and CEO from September 2015 through September 2019 before taking over as CEO of the global company.
Molson Coors’ board of directors will begin a search for Hattersley’s successor, tapping “a nationally recognized search firm” to review internal and external candidates.
The announcement of his departure states that the board intends for his successor to continue the “Revitalization and Acceleration Plans,” including strengthening Molson Coors’ core brands, premiumizing its portfolio, expanding its beyond beer offerings and investing “in the company’s capabilities and people to achieve its long-term growth ambitions.”
The company noted that “Hattersley’s decision to retire was not as a result of any disagreement with the company on any matter relating to the company’s operations, policies, or practices.”
Board chair Geoff Molson called Hattersley “a steady hand at the wheel as CEO, navigating through incredible challenges that no one could ever have predicted while guiding our
Company to growth, strengthening our foundation, and setting us up for an even brighter future to come.”
“Our business today stands on the shoulders of the many generations of the Molson and Coors families who have come before us. Gavin has lived up to their rich legacy, and he will retire having left an indelible mark on our business and the global beer industry,” Molson added. “We are incredibly appreciative of his leadership.”
The company pointed to Hattersley helping the business grow “both its top and bottom line substantially, reaching annual net sales revenue of $11.6 billion and underlying income before income taxes of $1.6 billion in 2024.”
Hattersley got his start in the beer business in 1997 with South African Breweries (SAB). Following SAB’s acquisition of Miller in 2002, he moved to the U.S., taking key leadership roles in the company, including serving as the first CFO of the MillerCoors U.S. joint venture, which he was instrumental in forming in 2008.
In addition to Hattersley’s retirement, Molson Coors announced today “time-based restricted stock units,” for members of its executive team as retention incentives, including:
- CFO Tracey Joubert ($4 million in RSUs)
- Chief commercial officer Michelle St. Jacques ($750,282)
- Chief legal and government affairs officer and secretary Natalie Maciolek ($627,314)
- And “other direct executive reports of Mr. Hattersley who are not named executive officers of the company.”
Those awards will vest over the next two years, dependent upon continued employment with the company.
This story originally appeared on BevNET’s sister site, Brewbound.