Molson Coors Beverage Co. today (22 September) appointed company veteran Rahul Goyal president and CEO of the brewing major.
Goyal, who has worked at Molson Coors for more than two decades, will succeed Gavin Hattersley next month.
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Hattersley announced in April he planned to leave the Coors Light brewer by the end of the year.
“After conducting an extensive and thorough CEO succession process that included evaluating internal and external candidates, it was clear that Rahul brought the right experience and vision that we believe is needed to drive the next phase of growth for Molson Coors,” board chair David Coors said.
Goyal has worked at the group for 24 years, starting at the then Coors Brewing Company in a managerial post.
His career at the brewer has included two years as chief information officer in the UK and four years as CFO in India. Goyal has been Molson Coors’ chief strategy officer since 2019.
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By GlobalDataIn Molson Coors’ statement, the company said its new CEO led the acquisition of Zoa, the US energy-drinks business the group bought outright last year and “driven the company’s beyond beer ambitions” through tie-ups with The Coca-Cola Company and Fever-Tree. Molson Coors acquired a minority stake in UK mixers business Fever-Tree earlier this year.
Goyal said: “I am honoured to take on the CEO role and lead this company towards its next chapter of growth. I recognise that we have a lot of work to do and, in the coming months, I will share more on my vision for how we will drive growth and carry the legacy of this great company forward to reach new heights.”
In 2024, the Carling brewer booked net sales of $11.63bn, down 0.6% on a year earlier. It generated a net income of $1.12bn, up 18.3% on 2023.
However, the company has lowered sales and earnings forecasts twice in 2025.
In August, Molson Coors cut forecasts for closely-watched sales and earnings metrics as volumes in EMEA and APAC missed Wall Street expectations.
The Madri brewer said it expected its net sales to fall by 3-4% on a constant-currency basis in 2025, in part due to muted demand in the US.
The Staropramen owner has projected its underlying income before income taxes will decrease 12-15% this year, once exchange rates are removed from calculations. It had forecast a “low single-digit” fall.
Molson Coors expects its underlying diluted EPS to be 7-10% lower in 2025, again compared to a low single-digit decline it had previously projected.
The new guidance came alongside Molson Coors’ second-quarter results, which included lower net sales, volumes and operating income – although net income grew slightly.
In the Americas, Molson Coors’ volumes dropped 6.6% in the second quarter amid lower brand volumes in the US and the end of a contract brewing deal. The decline was better than analysts had forecast.
