Molson Coors CEO to Retire

Molson Coors announced Monday that President and CEO Gavin Hattersley plans to retire by the end of the year.

Hattersley led the U.S.-Canadian brewer for six years and spent 28 in the beer industry overall. He was the first South African to move into the U.S. business following South African Breweries' acquisition of Miller in 2002, and has been a key leader at SABMiller, MillerCoors and, finally, Molson Coors.

Company officials highlighted his work to transform the business in "a total beverage company," including with agreements and deals with Yuengling, Coca-Cola and Fever-Tree mixers.

The company's board launched the search for its next chief executive, which will be led by its governance committee with assistance from a search firm.

“Gavin has been a steady hand at the wheel as CEO, navigating through incredible challenges that no one could ever have predicted while guiding our Company to growth, strengthening our foundation, and setting us up for an even brighter future to come,” Geoff Molson, the chairman of the company's board, said in a statement. “Our business today stands on the shoulders of the many generations of the Molson and Coors families who have come before us. Gavin has lived up to their rich legacy, and he will retire having left an indelible mark on our business and the global beer industry. We are incredibly appreciative of his leadership.”