You are currently viewing the International Edition. You can also switch to the Hong Kong Edition.
Tuesday 30 June 2015

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.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Topics in this article

If that's interesting, how about these?

Chinese student builds house out of beer bottles

An engineering graduate and his father have built a two-storey house made out more...

Rise for Haut Bailly in Liv-ex 2015 classification

Liv-ex’s bi-annual “re-classification” of Bordeaux saw Haut Bailly leap more...

Winemaker fined $35k over toxic waste

An Australian winemaker has been fined AUS$35,000 (£17,000) after he was found more...

Social Media Editor

Competitive

Sutcliffe steps down from Sotheby’s role

Serena Sutcliffe MW has stepped down from her position as worldwide head of more...

Rioja revellers soaked in wine battle

Thousands have taken part in Rioja's annual wine fight, drenching each other more...

Delegat aims high with new Barossa brand

Oyster Bay owner Delegat has launched “a new global brand” from more...

PR Senior Account Manager/Director

London, United Kingdom

Depending on experience

World's cheapest city for a beer revealed

The average price of a bottle of beer is £1.07 in Krakow and Kiev, making them more...

Fire devastates New Zealand winery

A fire has ripped through a New Zealand winery destroying its offices, kitchen more...

10 of Hong Kong's oldest bars

To commemorate the 18th anniversary of Hong Kong’s handover on 1 July 1997, more...

Proust Q&A: Eddie McDougall

The eminent TV personality and winemaker, Eddie McDougall opens up to db on more...

Scots invited to explore Chianti Classico and Prosecco

The promotional bodies for Prosecco Conegliano-Valdobbiadene and Chianti more...

Bordeaux 2005: 12 ‘perfect’ wines

Twelve wines have been given “perfect” 100-point ratings in Robert more...

Supplier Relationship Manager

London, United Kingdom

UK customs seize 550,000 litres of alcohol

More than 550,000 litres of illegal beer, wine and spirits have been seized by more...

Diageo appoints North America president

Deirdre Mahlan, Diageo's chief financial officer, has been announced as the more...

World's best beer and wine festivals

Forget Glastonbury, these are the festivals you should be making a beeline for more...

Wine Buyer

London, United Kingdom

Based on experience

Top 10 new craft beers

With new beers coming onto the market all the time, it can be difficult to keep more...

New sales director for Buckingham Schenk

Buckingham Schenk has named Paul Manders as its new sales director, responsible more...

Deadline looms for IWSC digital post

The International Wine & Spirit Competition has made a final call for more...

E-commerce, Sales & Marketing Executive

London, United Kingdom

Competitive salary and bonus package based on experience and qualification.

WOSA woos UK indies and on-trade

Wines of South Africa has announced plans for a new UK trade tasting later this more...

Hardys invests £4m in summer of cricket

Hardys has unveiled a new £4 million consumer marketing campaign to tie in more...