With MillerCoors Sales Flat, CEO Long To Depart In JuneFebruary 10, 2015
MillerCoors, the second-largest U.S. beer marketer, is on the hunt for a new CEO. Tom Long, who has led MillerCoors—a joint venture between SABMiller and Molson Coors Brewing Co.—since 2011, is retiring, effective June 30, 2015.
Long, 56, has been a top executive with the Chicago-based MillerCoors since it was formed in 2008. Before being named CEO, he was president and chief commercial officer. Prior to that, he was president and CEO of Miller Brewing since 2006, after joining Miller as its chief marketing officer the previous year following a long run with Coca-Cola.
The announcement of Long’s impending departure comes on the same day that MillerCoors reported that its net sales for 2014 were flat at $7.8 billion, as volumes fell by 2.1% to 62 million barrels. Top sellers like Miller Lite and Coors Light continue to lose share to craft beer, although Miller Lite returned to growth in 2014, according to the company. MillerCoors—which is 58%-owned by SABMiller and 42%-owned by Molson Coors—did report a positive price mix, the result of solid growth for higher-priced brands like Redd’s, Blue Moon and Leinenkugel’s Summer Shandy. That, along with cost savings, propelled MillerCoors to 4.4% net profit growth in 2014, to $1.33 billion.
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