AB InBev Announces July 1 CEO Succession; Q1 Revenue Up 17%

Carlos Brito is stepping down after 15 years as CEO and 32 years with the company.

AB InBev CEO Carlos Brito (left) and North America Zone president Michel Doukeris (right)
AB InBev CEO Carlos Brito (left) and North America Zone president Michel Doukeris (right)
AB InBev

BRUSSELS, Belgium — Anheuser-Busch InBev announced Thursday that its Board of Directors has unanimously elected Michel Doukeris, President of AB InBev’s North America Zone, to succeed Carlos Brito as Chief Executive Officer effective July 1. Brito will step down after 15 years as CEO and 32 years at the company.

“We are grateful to Brito for his tremendous service and leadership,” said AB InBev Board Chairman Martin Barrington. “Among his many accomplishments, Brito was the architect who led and built AB InBev into the world’s leading beer company and a leading global consumer packaged goods company by masterfully integrating the many businesses that comprise AB InBev today. He has always been a role model of the company’s successful ownership culture. The Board thanks Brito for his dedicated service, passion, caring and commitment to making our company dream big and delivering.”

“I am very proud of being part of this team of 164,000 colleagues around the world that have been on our journey,” said Brito. “It has been an honor and privilege to work with such a talented group of individuals as we built this global company based on strong values and our unwavering commitment to excellence, quality, consumers and communities. I am very excited about the future of our business under Michel’s leadership and congratulate him on the appointment as CEO of this amazing company.”

Michel Doukeris is uniquely suited to accelerate AB InBev’s transformation and lead its next chapter of growth. Throughout his career at AB InBev Michel has consistently delivered strong results while serving in key leadership roles in Brazil, China and the United States, three of the company’s largest markets. As President of the North America Zone, the U.S. business has delivered consistent topline growth and led the beer industry in innovations for the last two years. Prior to leading the North America Zone, Michel was the company’s global Chief Sales Officer. Prior to that, he was President of the Asia Pacific Zone where he accelerated top line, volume and EBITDA growth and implemented the ‘High End’ division in China, a transformational route-to-market initiative focused on building premium brands. He also successfully implemented the company’s first direct-to-consumer e-commerce platform.

AB InBev Board Chairman Martin Barrington said, “After conducting a rigorous and robust selection process, the Board is delighted that our next CEO comes from our deep bench of leadership talent. Michel is the right leader to take the company into its next phase of organic growth and success. He has a proven track record in innovation, multi-category brand building in beer and adjacencies, consumer insight, and expanding premium brands in both emerging and developed markets. The Board is excited to continue to work closely with Michel as we grow the company.”

Commenting on his appointment, Michel stated: “I am honored and humbled by the opportunity to lead AB InBev and to continue our company’s legacy of exceptional leadership and value creation. Throughout my career at AB InBev I have had the privilege to lead our business in different regions of the world and to work alongside the industry’s most talented and passionate colleagues every step of the way. I look forward to bringing a fresh perspective that builds on our consumer-first mindset and drives innovation and transformation in this next exciting stage. I congratulate Brito on his exceptional career and thank the Board of Directors for their confidence in me to lead the next chapter of AB InBev’s growth.”

A new leader for the North America Zone will be announced before July 1.

Q1 Results

  • Total volumes grew by 13.3%, with own beer up by 14.9% and non-beer up by 4.0%.
  • Revenue grew by 17.2% with revenue per hl growth of 3.7%, driven by ongoing premiumization and revenue management initiatives.
  • Combined revenues of our global brands, Budweiser, Stella Artois and Corona, increased by 29.5% and by 46.4% outside their home markets.
  • Normalized EBITDA increased by 14.2%, with Normalized EBITDA margin contraction of 91 bps to 34.7%.
  • Underlying profit was $1.099 billion in Q1  compared to  $1.015 billion in Q1 2020.