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Saturday 20 December 2014

Beam execs resign ahead of $16bn takeover

22nd April, 2014 by Lauren Eads

Three senior executives at Beam Inc have resigned ahead of the company’s impending takeover by Japanese group Suntory.

BeamA briefing note filed by the company on Friday was revealed that a CFO at Beam and two other executives were to stand down ahead of the $16 billion take over of the company, which is due to be complete in later this month.

They include its president of North America William Newlands, chief financial officer Robert Probst, and corporate controller Leo Mierzwicki.

The statement read: “Beam’s CFO Robert Probst will resign May 31, to pursue other opportunities.

“He will be joined by Corporate Controller Leo Mierzwicki who will also exit his position to pursue other opportunities. The exit of Mr Mierzwicki is expected to come on July 10.”

William Newlands is set to quit as head of North American operations from 31 May, however he will remain with the company as a consultant.

Suntory offered US$16 billion to buy Beam Inc, producer of Maker’s Mark Bourbon and Courvoisier Cognac, in January this year.

The acquisition, which will bring together Beam’s brands including Jim Beam, Sauza Tequila, Courvoiser Cognac and Knob Creek Bourbon with Suntory’s leading Japanese whiskies Yamazaki, Hakushu, Hibiki, and Kakubin, Bowmore Scotch whisky and Midori liqueur, is expected produce annual net sales of spirits of more than $4.3bn.

The deal received regulatory approval by US authorities as well as the green light from shareholders in March, with the acquisition set to complete during the week starting 28 April.

 

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