SABMiller, Molson Coors name officers for joint venture

SABMiller plc and Molson Coors Brewing Company on April 9 named two executives to key positions in the MillerCoors joint venture, effective upon the closing of the transaction. Tim Wolf was named chief integration officer-designate and Gavin Hattersley was appointed chief financial officer-designate of the prospective U.S. joint venture announced by SABMiller and Molson Coors on October 9, 2007.

As previously announced, Leo Kiely, current CEO of Molson Coors, will be the CEO of the joint venture, and Tom Long, current CEO of Miller, will serve as president and chief commercial officer.

Kiely, chief executive of Molson Coors, said, “This is a very exciting time for both Coors and Miller, and I am delighted that Gavin and Tim will be joining me at MillerCoors as we work to provide our consumers and distributors with greater choice, product availability and increased innovation. Both Tim and Gavin are seasoned industry leaders with extensive backgrounds in corporate financial management and proven success in delivering results.”

“We are cooperating fully with regulators in the antitrust clearance process and continue to prepare for the transaction to close by mid-2008, following regulatory clearance. We felt it was critical to designate the CFO and CIO roles now in order to facilitate the planning process and allow us to hit the ground running upon close. As the new entity’s chief financial officer, Gavin Hattersley will be responsible for establishing strong financial management and commercial disciplines for the joint venture and for reporting financial performance to the two shareholders. He is a respected financial leader with deep expertise in the beer business and has a proven track record of delivering synergies. Throughout his career, he has built a reputation for his leadership, integrity and business acumen. In the industry, he's been widely recognized as a source of strength at Miller over the last five years and I look forward to working closely with him.”

Hattersley has served as senior vice president of finance at Miller Brewing Company since 2002. Prior to that role, he held various positions at SAB Limited in Johannesburg, South Africa, including chief financial officer with responsibility for the financial aspects of all breweries and sales, distribution finances, credit management and finance re-engineering. Prior to joining SAB Limited in 1997, Hattersley held various financial positions at Barloworld Limited.

“Tim Wolf will lead the integration process and the disciplined delivery of the $500 million integration synergy goal,” said Kiely. “He has an outstanding track record in achieving and exceeding synergy goals at Molson Coors, as well as generating significant value for shareholders. During his more than 13 years at Coors and Molson Coors, Tim and our team have driven a 16-fold increase in the value of the company. His accomplishments have built the strong reputation and credibility our company enjoys with investors today. As a leader, he is passionate about the beer business and the people who make it happen day-to-day.”

Wolf has served as chief financial officer of Molson Coors since the 2005 merger of Molson Inc. and the Adolph Coors Company. Prior to 2005, he served 10 years as chief financial officer for the Adolph Coors Company and Coors Brewing Company. Before joining Coors, Wolf spent 16 years in various senior planning, strategy and control positions at PepsiCo and The Walt Disney Company. He is a member of the Xcel Energy board of directors.

The closing of the joint venture transaction is subject to obtaining clearance from U.S. competition authorities, certain other regulatory clearances and any required third-party consents. The Miller business and the Coors business will continue to be conducted separately and in the ordinary course until completion of the transaction.

Overview of SABMiller
SABMiller plc is one of the world’s largest brewers, with brewing interests or distribution agreements in more than 60 countries across six continents. The group’s brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro, Grolsch and Pilsner Urquell, as well as an exceptional range of market leading local brands. Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world. In the year ended March 31, 2007, the group reported $3,154 million adjusted pre-tax profit and revenue of $18,620 million.

Overview of Molson Coors
Molson Coors Brewing Company is one of the world’s largest brewers. It brews, markets and sells a portfolio of leading premium quality brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light. It operates in Canada, through Molson Canada; in the U.S., through Coors Brewing Company; in the United Kingdom and Europe, through Coors Brewers Limited.