CANADA/US: Molson Coors switches chairman, readies dividend
Molson Coors switches its chairman and vice-chairman every two years
Molson Coors Brewing Company has confirmed its latest change of chairman.
The North American brewer, which alternates its chairman and vice chairman between the Molson and Coors families every two years, said yesterday (26 May) that Andrew Molson will move up to the chairman role. Heading in the opposite direction is Pete Coors, with the switch taking effect from yesterday.
Andrew Molson has been on Molson Coors' board since 2005 and is president of the Molson Foundation. Pete Coors, meanwhile, is chairman of the board of Molson Coors' US joint venture with SABMiller, MillerCoors. He previously served as chairman of Adolph Coors Company from 2002 to 2005, and was CEO from May 2000 to July 2002.
Separately, the brewer also said yesterday that it will pay its shareholders US$0.32 per share in dividend for its latest quarter. The payment, which represents a 14% increase on the previous quarter, will be credited to class A and class B common share-holders on 15 June. The shareholders will need to have held the shares on 6 June to qualify.
In addition, wholly-owned subsidiary Molson Coors Canada declared a quarterly dividend of about CND0.31 - the Canadian dollar equivalent of the dividend declared on Molson Coors stock. Payment and qualifying dates are the same as for Molson Coors' dividend.
SABMiller remains confident about the growth of its beer business in China, despite a warning from its joint-venture partner, China Resources Enterprise, that the country's economy has weakened....
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