Molson Coors CEO Peter Swinburn To Retire At End 2014, Mark Hunter To Succeed

(RTTNews) - Beer brewer Molson Coors Brewing Co. (TAP, TAX-A.TO) announced Friday that Chief Executive Officer Peter Swinburn has decided to retire at the end of 2014 after being at the helm of the company since 2008.

"On behalf of the Board, I want to thank Peter for his extraordinary contributions over the past six years as our company's CEO. Peter has personified the values, culture and performance that have become the hallmark of our organization and as a Board, we respect his decision to retire and appreciate his continued leadership through this transition," Chairman Peter Coors said in a statement.

The company noted that Swinburn will be succeeded by Mark Hunter, who is a 25-year industry veteran and currently CEO and President of Molson Coors Europe since January 2013. Swinburn will continue to lead the company and work closely with the board and Hunter to ensure a smooth transition.

The company said Swinburn, age 61, will retire from the company and its board on December 31, 2014, with Hunter joining the board upon Swinburn's retirement. Swinburn is retiring after serving the company for the past 12 years and a 40-year career in the beer business.

Denver, Colorado-based Molson Coors, which makes Coors Light and Blue Moon beers, said Swinburn was instrumental in he formation of the MillerCoors JV in the U.S., and the acquisition of StarBev in Europe. He has served in various roles throughout the business and has overseen at different times the US, UK and International businesses.

Hunter, age 51, has previously served as CEO and president of Central Europe since June 2012 as well as CEO and president of MCBC UK from December 2007 until June 2012. He also served as chief commercial officer for Molson Coors Canada from May 2005 to November 2007.

Previously, Hunter joined Bass Brewers in 1989 and held several marketing leadership roles and senior executive positions until 2005.Prior to joining Bass Brewers, he held sales positions with Hallmark Cards and Bulmers Drinks.

"Mark is a true leader and brings a deep knowledge of all aspects of our business, as well as years of exceptional brand-building and commercial beer industry expertise. He is also recognized throughout our organization for his integrity and belief in the extraordinary people who make Molson Coors so successful," Coors added.

In Friday's regular trading session, TAP is currently trading at $72.02, down $0.99 or 1.36% on a volume of 53,904 shares.