Molson Coors Brewing Company

Molson Coors Brewing Company

November 18, 2008 16:00 ET

Peter H. Coors to Succeed Eric H. Molson as Molson Coors Chairman

Planned Transition Key Element of Merger of Equals Andrew T. Molson to Become Vice Chairman

DENVER, COLORADO and MONTREAL, QUEBEC--(Marketwire - Nov. 18, 2008) - In a planned transition consistent with the Company's by-laws, Molson Coors Brewing Company (TSX:TAP.A)(TSX:TAP.B)(NYSE:TAP) today announced that Pete Coors, the current vice chairman of the Molson Coors Board of Directors will assume the role of chairman, and Eric Molson, current chairman, will assume the role of vice chairman, effective December 29, 2008. The by-laws provide for the chairman and vice chairman to alternate between the Molson and Coors families on a periodic basis.

Eric Molson has announced his intention to retire from the board following the annual shareholders' meeting in May of 2009. Continuing more than two centuries of family brewing heritage, Andrew Molson, currently a board member, will assume the role of vice chairman upon the retirement of his father, Eric Molson. Geoff Molson will be nominated to stand for election at the May 2009 shareholders' meeting to fill the directorship previously held by his father.

"Eric has done a remarkable job as chairman since the merger that brought our two great companies together. Under his leadership, we delivered on the promises of the merger by exceeding every goal we set for ourselves from synergies to strengthening our core business," said Pete Coors. "I look forward to continued engagement with our strong, independent board as we build on these successes. Our entire organization is focused on creating even greater value for our shareholders through global growth and a brand portfolio that puts us first with consumers."

Eric Molson commented, "As we look to the future, both families continue to share a long-term commitment to the beer industry and this company. Our generations of family leadership drive us to take a long-term view of building value by investing in brands, attracting and retaining the best talent, and ensuring quality across the entire enterprise. I have every confidence in our prospects for future growth and I know that the strong management team we have in place will get us there."

Pete Coors is also chairman of the recently formed MillerCoors Board of Directors. He previously served as chairman of the board of Adolph Coors Company from 2002 to 2005, and was chief executive officer from May 2000 to July 2002. Mr. Coors also served as a director of Coors Brewing Company, the company's US-based subsidiary, beginning in 1973. In 2002, he was named executive chairman, and was chief executive officer from 1992 to 2000. He joined Adolph Coors Company in 1971 where he held a number of executive and management positions. Mr. Coors is also a director of both Energy Corporation of America and University of Colorado Hospital. In addition, Mr. Coors is chairman of the University of Colorado Hospital Foundation and a trustee of Johnson & Wales University.

Eric Molson previously served as a director of Molson since 1974 and served as Chairman of the Board since 1988. He is also director of the Montreal General Hospital Corporation and Foundation, the Canadian Irish Studies Foundation and Vie des Arts. He has served as Chancellor of Concordia University. Mr. Molson received an A.B. with Honors in Chemistry from Princeton University. He earned a Master Brewer Certificate from the United States Brewers Academy and studied economics at the McGill Graduate School. Mr. Molson is a Member of the Order of Canada.

Andrew Molson is currently a member of the Molson Coors Board of Directors and a partner and vice chairman of Res Publica Consulting Group, a Montreal-based holding and management company for two leading professional services firms, National Public Relations and Cohn and Wolfe -- Canada, both offering strategic public relations counsel to a wide range of businesses. He became a member of the Quebec bar in 1994 and holds a law degree from Laval University, an AB from Princeton University and a Masters in corporate governance and ethics (Msc) from the University of London (Birkbeck College). In 2003, he was elected fellow and professional administrator of the Institute of Chartered Secretaries and Administrators. He is vice president of the Molson Foundation and a director of the McCord Museum of Canadian history, the Montreal Fluency Centre, the Ste-Justine Hospital Foundation and Concordia University.

Geoff Molson is the vice president of Quebec marketing for Molson, where he plays a strategic role in the development of Molson brands and in strengthening partnerships with key stakeholders. He has worked for Molson in various roles in the US and Canada for the past 10 years. At Molson USA his roles included vice president of sales and vice president, quality and distributor development. He also serves on several boards, including St. Lawrence University, the Montreal Canadiens Hockey Club and the St. Mary's Hospital Foundation. Mr. Molson holds a Bachelor of Arts degree from St. Lawrence University and a Masters of Business Administration from Babson Graduate School of Business.

About Molson Coors Brewing Company:

Molson Coors Brewing Company is one of the world's largest brewers. It brews, markets and sells a portfolio of leading premium quality brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light in North America, Europe and Asia. It operates in Canada, through Molson Canada; in the US, through the MillerCoors joint venture; in the U.K. and Ireland, through Coors Brewers Limited. For more information on Molson Coors Brewing Company, visit the company's Web site,

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