AB InBev has allegedly begun the search into replacing the company’s long-serving CEO Carlos Brito, as reported by the Financial Times.
Brito has served as the group’s CEO for nearly 16 years and has overseen a series of mergers during his time, including its 2016 £79 billion takeover of SABMiller and the sale of its Australian subsidiary Carlton and United Breweries (CUB) to Asahi Group Holdings for $11 billion.
Prior to taking up the role of CEO, Brito held the positions of president of AB InBev’s North America unit and president of its Latin America North zone.
According to the Financial Times, citing people with knowledge of the matter, Brito is allegedly involved in the hiring process and plans to step down as group CEO at some point next year. Following his departure, Brito is expected to join the board. However if a replacement cannot be found in time, he will remain longer in his position.
The report said that the company is currently considering external candidates to replace Brito and one internal candidate, Michel Doukeris who heads its North America-based business.
Most recently, AB InBev took a $2.5 billion write-down in the value of its African operations due to market risks, as the company’s Q2 earnings were significantly impacted by the Covid-19 pandemic. The world’s biggest brewer reported falling beer sales throughout April and May, with volume sales declining 32.4% and 21.4% respectively; though the company did experience a sales recovery in June, as volumes grew by 0.7%.