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CEO resigning at Coors Brewing

Published August 31, 2007 at midnight

Frits van Paasschen is stepping down as Coors Brewing Co. CEO to accept a senior executive job at a company outside the beer industry.

Leo Kiely, CEO of parent Molson Coors, will take over the top job at the Coors Brewing Co. unit until a successor is found.

Kiely disclosed van Paasschen's departure in a memo to Coors employees. A Coors spokeswoman declined to elaborate.

"Over the past two years, Frits and his team have made a real difference in growing our brands, improving productivity, securing strong relationships with our distributors, and strengthening the great tradition of a values-driven culture at Coors," said Kiely.

Kiely added that "effective immediately" he would assume the duties of chief executive of Coors Brewing along with his Molson Coors corporate responsibilities until a successor is named.

Pete Coors will continue his role as executive chairman of Coors Brewing.

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