Molson Coors Brewing Co. has named Geoff Molson its new chairman. He takes over from Pete Coors, who will become vice chairman.
The Denver-based beer giant said Wednesday that its bylaws provide for the chairman and vice chairman to alternate between the Molson and Coors families on a rotating two-year term.
“As we look to the future, both families continue to share a long-term commitment to the beer industry and this company,” Coors said in a news release. “I have every confidence in the leadership of our company and our prospects for future growth.”
Coors has served as a director of Coors Brewing Co., the company’s U.S.-based subsidiary, since 1973. He is chairman of MillerCoors, Molson Coors’ U.S. joint venture. He was chairman of Adolph Coors Co. from 2002 to 2005 and served as CEO of the company from May 2000 to July 2002.
Molson has served as a board member since December 2009.
“This has been a time of transformation at Molson Coors under Pete’s guidance as chairman,” Molson said in a news release. “As incoming chairman, I look forward to continued engagement with our strong, independent board and leadership team as we build on these successes to further strengthen Molson Coors’ position in the market.”
Shares of Molson Coors Brewing gained 74 cents in trading Wednesday to close at $74.76.
