Dive Brief:
- The joint venture between MillerCoors LLC and Molson Coors Brewing Co. has been strained as MillerCoors continues its search to find a new CEO. Falling sales and consumers' shifting beer preferences have also caused headaches for the two companies.
- MillerCoors' board of directors named Gavin Hattersley, current CFO of Molson Coors, as the interim MillerCoors CEO, taking over for current CEO Tom Long, who is retiring June 30.
- Meanwhile, Dave Colletti, a former MillerCoors vice president, is being federally charged for an alleged wire fraud of at least $7 million stolen from the company.
Dive Insight:
Craft beer has become a new favorite for many consumers, which has slowly leached sales and customers from larger domestic brands like MillerCoors. The company has been unable to grow two of its flagship brands, Miller Lite and Coors Lite, simultaneously since the merger of SABMiller's U.S. operations and Molson Coors in 2008, though MillerCoors has still reported six years of increased profits.
A new leader is of utmost importance to the company as it tries to steer this joint venture in the right direction to benefit both MillerCoors and Molson Coors going forward.