A week after announcing that the company had reported sales and earnings growth for the first time in over a decade, Molson Coors Beverage Company (NYSE: TAP, TAP.A) (TSX: TPX.B, TPX.A) announces the announced the creation of a centralized trading function in its Americas division that should accelerate growth in the coming years.
The new capability will unify multiple teams and regions around a single strategy, allowing for clearer prioritization across the portfolio and regions, and enabling the company to more quickly scale new untapped areas, brands and capabilities. The move also presents an opportunity to increase commercial focus and support for Molson Coors’ non-alcoholic and spirits portfolios, which after several years of successful growth are poised for scaling.
“In 2022, we delivered sales and earnings growth for the first time in a long time, and our goal is to do so consistently year over year,” said Gavin Hattersley, President and CEO of Molson Coors. “We’re building build on what we’ve accomplished over the past three years and unlock the next phase of growth for our business through better collaboration, faster decision making and stronger commercial support across our portfolio.”
The new role will be responsible for the full spectrum of commercial activities in the US, Canada and Latin America, including sales, marketing, innovation and digital strategy, as well as the company’s non-alcoholic and spirits portfolio. As the company continues its transformation into a full beverage business, the move to a centralized sales team will help the Beyond Beer portfolio fully benefit from the resources of the larger distribution structure. A new digital team is tasked with building a unified digital ecosystem across America to support speed, consistency and quality of results. The innovation team will now report directly to the larger retail function to better align across America and increase the speed of innovation in beer, flavored beverages, non-alcoholic products, spirits and more.
Michelle St. Jacques, who has served as Molson Coors’ chief marketing officer since 2019, has been appointed chief commercial officer. Her leadership skills have been instrumental in the company’s success, strengthening iconic core brands such as Coors Light through the launch of “Made to Chill” and building a strong Premium Light portfolio strategy with clear upside opportunities for Miller Lite and Coors Light. St. Jacques has also accelerated Molson Coors’ aforementioned premium portfolio, breaking into new territory with successful innovations such as Topo Chico Hard Seltzer and Simply Spiked Lemonade.A native of Canada, St. Jacques’ international commercial experience will be beneficial in his new role.
“Since joining our company, Michelle has built a track record of building brands and attacking untapped areas with a consumer-centric mindset to effectively drive our business forward,” said Hattersley. but I’ve seen firsthand how she uses her growth and commercial mindset to work with marketing, sales and the regions to maximize impact. In doing so, she not only demonstrated a deep understanding of the overall business, but also earned the trust of distributors and retailers alike. I am delighted that she will take on this new role to take our business in the Americas to new heights.”
“We’ve always been at our best when we work together and collaborate as one commercial team. Over the past few years we’ve built a great partnership in sales and marketing, together taking a unified approach to building our global brands in the US, Canada and Latin America and developing our new go-to-market strategies for non-alcoholic and alcoholic beverages,” said St. Jacques. “With this new structure, I see a great opportunity to go even further, more rapidly scaling our brands, innovations and digital capabilities across the region and to accelerate our ambitions as a beverage manufacturer.”
St. Jacques has appointed Sofia Colucci as the company’s new Chief Marketing Officer. Colucci, who has earned a reputation for creative excellence, joined the company in 2017 and currently serves as global vice president of marketing for Miller Brands and Economy. Under her leadership, Miller Lite is doing its best in years, increasing its share of the overall US category. Colucci is characterized by her ability to balance creativity and brand building to drive growth, which is reflected in the launch of the global creative platformTastes Like Miller Timeculturally relevant branding and the recent success of Molson Coors’ first Super Bowl commercial in over 30 years.
After successfully leading Molson Coors into new categories and bringing brands like ZOA Energy and Five Trail Whiskey to a point where they are scalable, current President of Emerging Growth Pete Marino will leave the company while focusing on his dedicates to the next entrepreneurial project.
“Pete and his team have brought our company a number of firsts into emerging areas of our portfolio and now the scale of our industry. Without their work, we would not be able to scale our emerging growth business,” said Hattersley I have personally known Pete since the day I moved to the United States. He is incredibly intelligent, has a big heart and quick wit and I look forward to following his future success.”
“Creating a new position as Chief Commercial Officer will take our great start into the upcoming growth to the next level and I fully support this move. Transitioning to a beverage company is the right path for Molson Coors, and the new structure should help provide additional commercial support that will position our non-alcoholic and spirits teams for even faster growth,” said Marino. “I’m very proud of the partnerships we’ve developed and the brands that we have built. Now is the right time to rethink our structure to accelerate the growth of these emerging brands by embedding them more into the broader business. I’ve always preferred entrepreneurial opportunities, whether it was starting my own company a few years ago or bringing the burgeoning business to life at Molson Coors, and this is a good time for me to step out of the company and move on to focus on my next entrepreneurial venture.”
That shift comes after Molson Coors delivered strong results in 2022, posting sales and earnings growth for the first time in more than a decade. The company’s brand portfolio also delivered impressive results. For the first time in at least 15 years, the combined volume share of Coors Light and Miller Lite in the US surpassed Bud Light in the channels tracked in the fourth quarter of 2022. In Canada, Molson Canadian increased sales and market share for the full year. The US premium portfolio gained the second-largest dollar share of any major US brewer in 2022. Additionally, ZOA Energy saw triple-digit branded volume growth for both the fourth quarter and full year, with the trend accelerating in the quarter.
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding Molson Coors’ strategy and organizational initiatives and objectives. Although Molson Coors believes the assumptions upon which its forward-looking statements are based are reasonable, the Companies cannot guarantee that these assumptions will prove to be correct. Actual events or results could differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These factors include those contained in Molson Coors’ filings with the SEC public filings, including its most recent annual report on Form 10-K You should not place undue reliance on forward-looking statements, which speak only as of the date they are made Molson Coors makes no commitment, forward-looking or otherwise Update statements in this release, except as required by law.
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