CANADA: Molson board split by family feud - report
A family feud has upset the board of Molson Inc., according to press reports. The Globe and Mail wrote today that five directors, including deputy chairman Ian Molson, are set to leave the board on Tuesday, only weeks after an internal row over chairman Eric Molson's role at the Canadian brewer.
The cause of the tension, according to the paper, appears to be Eric Molson's refusal to give cousin Ian more responsibility. Ian Molson is a former Wall Street deal-maker, who has been given much of the credit for the strategy that has improved the company's financial performance.
An insider familiar with the matter told the newspaper that Matthew Barrett, a Molson director and former chairman and CEO at Bank of Montreal, told Eric Molson at a board meeting in May that it was time for the chairman to step aside. The source gave the details on condition of anonymity.
The newspaper was unable to reach Barrett for comment.
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