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Carlos Brito, a brewer from the Brazilian region who turned Anheuser-Busch InBev into the world’s largest beer manufacturer, will have to step down as the group’s CEO after 15 years.
AB InBev said Brito would leave Michel Doukeris, the group’s president of North American business, on July 1 and leave the company after more than three decades.
The Brazilian’s departure ended the era of the brewing industry after Jean-François van Boxmeer, CEO of Heineken, left in 2020. Both helped drive the consolidation of the sector by acquiring regional actors to create potential in the brewery around the world.
It also exceeds the deadline for AB InBev’s leadership change in April 2020 after the group’s chief financial officer Felipe Dutra and in 2019 Olivier Goudet left its chairman. Barrington, the former general manager of the Altria tobacco group, took office.
“Brito AB InBev was the world’s leading beer company and the architect who became and built a leading consumer goods company, masterfully integrating the many businesses that now make up AB InBev,” Barrington said.
Budweiser brewers Stella Artois and Corona seriously considered external candidates for the role, Financial Times reported last year, but he chose Doukeris, another Brazilian who joined the team 25 years ago, rising in his sales hierarchy before heading to Asian and North American businesses.
AB InBev said management has unanimously chosen Doukeris to replace Brito, who turns 61 on Saturday.
Briton’s exit company is battling the impact of the $ 82.7 billion debt pandemic at the end of 2020. acquisition SABMiller’s 2016. The company halved the dividend in April last year.
It reported on Thursday that first-quarter revenue rose 17.2%, more than forecast to $ 12.3 billion, as beer and beverage sales volumes rose 13.3 percent as they began to recover from pandemic cuts, mostly in China. It generated under-$ 1.1 billion in profits.
Brito’s brewing career began in 1989 when he met Brazilian brewer Brahma, working for his tutor Jorge Paulo Lemann, founder of the private equity company 3G, which paid for his education at Stanford.
Brahma began a deal-driven expansion, turning Ambev into a brewery in the region. Brito took over as CEO in 2004, and in the same year the company merged with Belgian Interbrew, the manufacturer of Stella Artois, to create InBev. Four years later he took on the enemy of the US Anheuser-Busch group to become a global brewer.
Brito and the company became known for their ongoing purchasing and cost-cutting strategy, but in recent years the company has been making provisions to help pay off debt, including last year’s sale of its $ 11 billion Australian division to Asahi.
Jefferies analyst Edward Mundy said: “[Doukeris] it brings a strong premium focus, as it has established its High End division in China and digitally with the company’s first e-commerce platform for direct consumers. Clear management should be welcomed. “
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