CANADA: Brick CEO quit after no sale - report
The Brick Brewing Co.'s CEO may have quit due to the lack of a sale, according to local reports.
News of CEO Doug Berchtold's resignation came at the same time as an announcement by the company that it was not going to put itself up for sale following a strategic review of the business.
In an interview with The Canadian Press yesterday (1 November), founder and executive chairman Jim Brickman was cited as saying: ``I think he was probably more interested in a sale than going the chartered course. That's all there was to that.'' The comments were made in an interview with The Canadian Press.
The Canadian brewer has spent several months reviewing "strategic alternatives available to the company to enhance shareholder value". Among the options being considered were a sale, a recapitalisation review or "some form of business combination", the brewer said.
However, this week, Brick said it had completed the review of its strategic alternatives and the board of directors had determined that the company's current strategy reflected the best means to enhancing shareholder value.
This strategy included "seeking profitable growth and driving cost efficiencies", a statement said.
Berchtold's resignation as CEO and a director of the company will be effective from today.
A sub-committee of the board has been formed to evaluate potential internal and external candidates for a replacement.
In the meantime, Jim Brickman, executive chairman/founder, has been appointed interim president and CEO, to oversee day to day operations of the company.
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