Molson Coors Brewing Company

Molson Coors Brewing Company

March 18, 2005 23:59 ET

Molson Coors Brewing Company Announces Management Changes

GOLDEN, Colorado and MONTREAL, Canada, March 18 - Molson
Coors Brewing Company (NYSE, TSX: TAP) today announced that a number of
management-level employees have elected to leave the company and exercise
longstanding change in control (CIC) clauses as a result of the recent merger.
The December 9, 2004, merger proxy disclosed the CIC provisions.
"We have a great team at Molson Coors that is deep with management
talent. Most of these departures will be staged over the next several months
to ensure a smooth, orderly transition and to take the company through its key
summer selling season," said Leo Kiely, chief executive officer of Molson
Coors Brewing Company.

"I am looking forward to working with the rest of the management team to
build an even stronger organization and a more competitive and diverse
company," Kiely added.

The following individuals will be leaving the company:

From Molson Coors Brewing Company:

- Rob Klugman, Chief Strategy Officer
- Bob Reese, Chief Legal Officer
- Mara Swan, Chief People Officer
- Ronald Tryggestad, Chief Accounting Officer
- Jim Fredericks, Vice President, Global Rewards

From Coors Brewing U.S.:

- David Barnes, Chief Financial Officer
- Carl Barnhill, Chief Revenue Officer
- Kevin Holland, Chief People Officer
- Jeff Popkin, Regional Vice President, Sales
- Olivia Thompson, Vice President, Corporate Excellence

From Coors Brewers Limited (U.K.):

- Katherine MacWilliams, Chief Financial Officer

Several of these positions have already been filled or will be filled in
the near future. Recruiting for the remaining open positions has already
begun, as the company seeks both internal and external candidates to join the
management team. For example, Ron Tryggestad has agreed to stay as chief
accounting officer until his replacement is hired in the next few months.
"Many of these people have been with the company for a long time, and
have made terrific contributions to where we are today. We wish them well and
we will miss them," said Kiely.
The company anticipates a severance expense in the first quarter of 2005
related to the CIC exercises. This expense is expected to be in the range of
U.S. $13 million to $17 million pretax, excluding required payments for
employee excise taxes and employee benefits.

Molson Coors Brewing Company is the fifth largest brewer in the world. It
sells its products in North America, Europe, Latin America and Asia. Molson
Coors is the third largest brewer in the U.S., the second largest in the U.K.
and the leading brewer in Canada. The company's brands include Coors Light,
Molson Canadian, Carling, Kaiser, Coors, Killian's Irish Red and Zima XXX. For
more information on Molson Coors, visit the company's website, .

Forward-Looking Statements

This press release includes "forward-looking statements" within the
meaning of the federal securities laws, commonly identified by such terms
as "looking ahead," "anticipates," "estimates" and other terms with
similar meaning. It also includes financial information, of which, as of
the date of this press release, the Company's independent auditors have
not completed their audit. Subsequent events may occur or additional
information may arise that could have an effect on the final year-end
financial information. Although the Company believes that the assumptions
upon which the financial information and its forward-looking statements
are based are reasonable, it can give no assurance that these assumptions
will prove to be correct. Important factors that could cause actual
results to differ materially from the Company's projections and
expectations are disclosed in the Company's filings with the Securities
and Exchange Commission. These factors include, among others, changes in
consumer preferences and product trends; price discounting by major
competitors; unanticipated expenses, margin impact and other factors
resulting from the implementation of a new supply chain process; and
increases in cost generally. All forward-looking statements in this press
release are expressly qualified by such cautionary statements and by
reference to the underlying assumptions. We do not undertake to publicly
update forward-looking statements, whether as a result of new
information, future events or otherwise.

Contact Information

  • Media: Sylvia Morin, (514) 590-6345;
    Investors: Dave Dunnewald, (303) 279-6565; Kevin Caulfield, (303) 277-6894