Molson Coors Beverage Co., Chicago and Montreal, announced that after 28 years in the beer industry, including more than six years as president and CEO, Gavin Hattersley has informed the company and the Board of Directors that he intends to retire from the company and as a member of the board, in each case, by Dec. 31, 2025.

In accordance with the company’s established governance policies, the Board is launching a search led by the Governance Committee to identify and appoint the next CEO. The committee will benefit from its existing CEO-succession process and will consider internal and external candidates, the company says. A nationally recognized search firm will assist the committee through the process, it notes.

“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,” said Board Chair Geoff Molson, 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.”

Board Vice-Chair David Coors, added: “Gavin has always been a leader you can count on to operate with integrity, share his views openly and honestly, bring teams together, and do what’s best for the business. Whether it’s our people or our partners, Gavin’s leadership has helped everyone around our business be their best, and he’s put our company on a path to an even brighter future. I want to thank Gavin for his many years of service, his leadership and his passion for our collective success.”

Hattersley entered the beer industry with South African Breweries (SAB) in 1997, serving in leadership roles at SABMiller, MillerCoors and Molson Coors. When SAB acquired Miller in 2002, he was the first South African to move into the U.S. business, and he has been one of the key leaders who helped grow the business. Since then, the company has grown both its top and bottom line substantially, reaching annual net sales revenue of $11.6 billion and underlying income before income taxes of $1.6 billion in 2024.

He also was heavily involved in the creation of the MillerCoors U.S. joint venture in 2008, serving as the business’s first CFO and later its CEO. Hattersley became CEO of Molson Coors in September 2019 and has led the company to its strongest position since it was formed — returning the company to growth under his Revitalization Plan and building on that growth with his Acceleration Plan, it says.

In those six years, Molson Coors has delivered its two highest years of annual net sales revenue and its two highest years of underlying income before income taxes. The company has reduced its net debt by nearly 40% since the end of 2019 and improved the balance sheet to its strongest position since the MillerCoors acquisition in 2016. It has premiumized its global portfolio and begun its transformation into a total beverage company. Hattersley also forged multiple partnerships in beer, including a joint venture with D.G. Yuengling and Sons, and beyond beer, including a relationship with The Coca-Cola Co. and the commercialization rights to Fever-Tree in the United States. Yet, he will contend that he is most proud of the amazing team he has helped create and the careers he has helped develop.

“We have accomplished so much over the past six years and one thing I’m certain of is that none of it would have been possible without each of the 16,000 people across our business,” Hattersley said in a message to Molson Coors employees. “You built the plans. You brought them to life. You pushed in the right places. You saw what others didn’t. You were willing to take smart risks, to live up to the rich history of our brands while building for an even brighter future. Whether you are on the Leadership Team or are just getting started in your career here, whether you work in the field, in our offices or in a brewery, whether you are in our largest market or our smallest, you are responsible for our success and you are leading Molson Coors to a brighter future.”

The Board’s intention is for the next CEO to build upon the successes of Hattersley’s Revitalization and Acceleration Plans, continuing to strengthen the company’s core brands, premiumize its portfolio, expand beyond beer, and invest in the company’s capabilities and people to achieve its long-term growth ambitions, it shares.