Molson Coors CFO resigns over “personal conduct” issues
In an unexpected turn of events, Mauricio Restrepo, chief financial officer at Molson Coors Brewing Co., resigned Thursday “because of matters regarding personal conduct.” Those matters were not disclosed by the company, but a story by the Denver Business Journal said they were not related to the business or its financials, citing a filing with the Securities and Exchange Commission.
The beer conglomerate quickly named Tracey Joubert as its new CFO. Joubert was previously CFO of MillerCoors, the US business division of the global beer company.
In a separate filing with the SEC, the company said that it “learned of certain personal conduct by [Restrepo] that violated the company’s policies, [he] agreed to resign his employment.”
Restrepo had only been on the job six months before resigning, having been hired May 2, taking over from former CFO Gavin Hattersley, who became CEO at MillerCoors. Restrepo had previously been CFO at Beam Suntory Inc.
The Business Journal reported that under a separation agreement, Restrepo “will repay the company the amounts, up to $1,200,000, paid by the company to [Restrepo] or his former employer as part of his sign-on bonus and relocation benefit expenses, which is currently estimated at $776,149.38.”
Restrepo did not comment on the matter.
Joubert, was executive vice president and CFO at MillerCoors for the last four years and before that was the company’s vice president of finance, planning & analysis and controller.
“We are very excited to have Tracey join our executive leadership team as our new CFO,” said Mark Hunter, president and CEO of Molson Coors. “I have had the privilege of working closely with Tracey for several years and am confident she is very knowledgeable about the Molson Coors organization, our commercial strategy and where we are heading as a bigger, better business. We are also fortunate that she is well known to our investor community as a highly qualified and respected financial leader who has overseen the successful growth of our U.S. business.”
Joubert commented, “I am very excited to lead the finance function at Molson Coors. I am very familiar with the company and very supportive of its plans. With the full acquisition of MillerCoors, it’s a critical point in the bigger and stronger Molson Coors and I am ready to bring the financial discipline and leadership necessary to deliver the growth our employees and shareholders expect.”