Molson Coors Revenue Fell 3.2%, Posts $402.8 Million Loss

That loss was a result of the impairment of the firm’s goodwill in Canada.

U.S. brand volume decreased 3.9% on a trading day basis, driven by declines in economy and premium light segments.  Sales to wholesalers fell 6.2%.

“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” said Gavin Hattersley, president/CEO.

He announced a “revitalization plan to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors,” he said.

The plan calls for accelerating investments behind the biggest brands in its portfolio, focusing on recruiting new drinking age customers, investing significantly in Above Premium, and investing beyond the beer category.  The plan also seeks to bring new beverages to market quicker – in as little as 18 months.

The company will “continue efforts to modernize its brewery footprint” and will invest several hundred million dollars to modernize the Golden, Colo., brewery.

It will move from a corporate center and four business units to two business units – North America and Europe.  The North America unit will include the U.S., Canada and corporate.  Europe will be structured as a stand-alone operation.

As for Molson Coors International, it will be abolished.  Latin America will be part of the North America unit, and Africa and Asia Pacific will report to the European business unit.

While the Colorado brewery will be refurbished, the Denver office will be closed, with Chicago the North Americans operational headquarters.  Functional support, currently in several offices around the country, will be based in Milwaukee.

New senior leadership will consist of:

Adam Collins, Chief Communications and Corporate Affairs Officer

Simon Cox, President and CEO of Molson Coors Europe

Kevin Doyle, President of U.S. Sales

Brian Erhardt, Chief Supply Chain Officer

Rahul Goyal, Chief Strategy Officer

Tracey Joubert, Chief Financial Officer

Fred Landtmeters, President of Canada

Pete Marino, President of Emerging Growth

Dave Osswald, Chief People and Diversity Officer

Lee Reichert, Chief Legal and Government Affairs Officer

Michelle St. Jacques, Chief Marketing Officer

The position of U.S. president will be abolished.

The company will also change its name to Molson Coors Beverage Co. to reflect its intent to expand beyond beer “and into other growth adjacencies.”

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