Molson Coors Beverage Company will eliminate around 400 salaried positions across its Americas business unit by the end of December, the company announced today in a Form 8-K filed with the U.S. Securities and Exchange Commission.
The cuts amount to around 9% of Molson Coors’ salaried Americas workforce, “including hundreds” of open roles and others “granted voluntary severance” as part of the restructuring.
Molson Coors described today’s move as creating “a learner, more agile Americas organization while advancing its ability to reinvest in the business and position the company for future growth,” both its beer portfolio and expansion into “premium mixers, non-alcoholic beverages and energy drinks.”
The restructuring is expected to cost Molson Coors between $35 million and $50 million in cash severance payments and post-employment benefits.
Earlier this month, Molson Coors announced an organizational restructuring and unwinding of its Americas Commercial Organization, which had been overseen by chief commercial officer Michelle St. Jacques, who will exit the company on November 14.
The Americas Commercial Organization, consisting of the company’s U.S. and Canada business units, was created in 2023 with St. Jacques’ promotion from CMO to chief commercial officer.
The moves come nearly three weeks after long-time chief strategy officer Rahul Goyal took the reins as president and CEO.
“We’ve made progress on our transformation journey, but given the environment, we must transform even faster,” Goyal said in a press release. “To win with our customers and consumers and return to growth, we must move with urgency and make bolder decisions.
“We are moving quickly and intentionally on a long-term, achievable strategy that continues our journey to become a total beverage company and that we believe puts us on the path to sustainable growth.”
Year-to-date through October 5, Molson Coors is the third-largest beer vendor in Circana-tracked off-premise retailers. The company’s dollar sales have declined 5.6%, to more than $6 billion, a year-over-year loss of more than $355.8 million. Volume has declined 6.9%. The company has also lost 0.49% share of beer category dollars, to 17.55%.