Molson Coors Beverage Company (TAP, Financial) has announced the upcoming retirement of its President and Chief Executive Officer, Gavin D.K. Hattersley. Mr. Hattersley, who also serves as a member of the company's Board of Directors, has informed the company of his intention to retire by December 31, 2025. The decision to retire is not due to any disagreements with the company's operations, policies, or practices.
In light of this leadership transition, the Compensation and Human Resources Committee of the Board has approved special retention awards to ensure the stability of the executive team. These awards, in the form of time-based restricted stock units (RSUs), are part of the Amended and Restated Molson Coors Beverage Company Incentive Compensation Plan. Effective April 14, 2025, the awards have been granted to key executives including Tracey I. Joubert, Chief Financial Officer; Michelle St. Jacques, Chief Commercial Officer; and Natalie G. Maciolek, Chief Legal & Government Affairs Officer and Secretary, among others.
The retention awards are valued at approximately $4,000,000 for Ms. Joubert, with Ms. St. Jacques and Ms. Maciolek receiving awards equivalent to their current base salaries of $750,282 and $627,314, respectively. Ms. Joubert's award will vest 37.5% on the first anniversary and 62.5% on the second anniversary of the grant date. The awards for Ms. St. Jacques and Ms. Maciolek will fully vest on the second anniversary of the grant date, contingent upon their continued employment with the company.
These retention awards are designed to maintain leadership continuity during the transition period and may accelerate in cases of involuntary termination without cause, death, or disability. The full details of the retention awards will be available in the company's upcoming Quarterly Report on Form 10-Q for the period ending June 30, 2025.
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