Rich Reese will serve as chairman of Jim Beam Brands Worldwide during 2004, then retire at the end of the year. Reese joined the company, which is a unit of Fortune Brands, in 1974 and is now president and CEO.

Thomas J. Flocco, who is currently executive vice president and chief operating officer, will succeed Reese in that post on Jan. 1.

"In his 30 years at Jim Beam Brands, Rich Reese has helped build our spirits and wine business into a growing global powerhouse," Fortune Brands chairman and CEO Norm Wesley said in a statement.