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LONDON AND SÃO PAULO – Anheuser-Busch InBev (AB InBev), the world’s largest brewery and owner of Ambev, initiated a selection process to replace its current CEO, Brazilian Carlos Brito, who has been in office for 16 years, according to the newspaper “Financial Times” (FT).
The British publication says the brewery is seriously considering external candidates for the position, according to three sources familiar with the matter. This would be a significant change for a company that tends to promote its own career executives in the group.
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FT cites two sources who reportedly said AB Inbev is working with recruiting firm Spencer Stuart in the search for Brito’s replacement.
The CEO himself would be involved with the company’s board of directors in the process and, according to the newspaper, would plan to resign sometime in 2021.
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An eventual departure of Brito is contemplated at least since January, when Felipe Dutra, then the company’s financial director and linked to the executive director, left the company.
Brito entered the beer market in 1989 at Brahma and took over as CEO in 2004. The executive led the emergence of the company, today the largest in the industry.
In 2015, AB Inbev bought its competitor SAB Miller for $ 109 billion and has since suffered a drop in its market value.
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In May, investor Jorge Paulo Lemann, one of the company’s controlling shareholders, said that the company had been too ambitious at the time and that the amount paid by SAB Miller had been high.
– We have been punished in terms of market value in recent years and we have adjusted. […] The purchase of SAB Miller took our attention away from what was a very well run business and we had to deal with the news for the larger company. It got in the way a bit, ”Lemann said.
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AB InBev now considers that only one of its current executives will succeed Brito, according to FT: Michel Doukeris, who runs the North America-based Anheuser-Busch business.
Other company names had previously been nominated as candidates, such as Chief Strategy Officer David Almeida and Chief Marketing Officer Pedro Earp, but they would no longer be on the list.
The FT report says Brito could stay in office longer if the selection takes longer than anticipated. You will then take a position on AB Inbev’s board of directors.
Sought, Ambev and AB Inbev declined to comment.
