Coors Promote Peter Coor To CEO
Adolph Coors Co. has promoted Peter Coors, a fourth-generation executive of the 127-year-old Colorado brewer, to chief executive officer.He replaces his uncle, William Coors. The elder Coors, 83, will remain chairman, the company announced Thursday.Peter Coors, 53, great-grandson of the brewery's founder, had been CEO and vice chairman of Coors Brewing Co., a subsidiary of Adolph Coors Co.He now takes the title of chairman of the brewing subsidiary as well as CEO of the parent company.Leo Kiely, president and chief operating officer of Coors Brewing Co., was promoted to president and chief executive of the subsidiary. He was the first president in the brewery's 127-year history who was not a member of the Coors family.Kiely will continue to focus on day-to-day operations at the brewery while Peter Coors will concentrate on strategic plans and industry issues, officials said at the parent company's annual shareholders meeting.Traci Mangini, an analyst with First Security Van Kasper in San Francisco, predicted investors will take little notice of the management changes."I don't think we're going to see any significant impact on earnings or perceptions of the company," she said. "I think Peter Coors in the past has been the visionary for the company and Kiely has been running the day-to-day operations. I think that's probably going to continue."Coors Class B shares fell $1.68 3/4 to $55.68 3/4 in trading at 4:30 p.m. on the New York Stock Exchange Friday.
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