USA: Molson Coors Brewing Co., the world's fifth-biggest brewery, said on March 17 it will pay the new head of its U.S. subsidiary, Frits van Paasschen, an initial base salary of $625,000 per annum plus annual bonuses of as much as $312,500, according to a regulatory filing.
Van Paasschen, Nike Inc.'s corporate vice president in charge of its unit for Europe, Africa and the Middle East, will become president and chief executive of Coors Brewing Co. on March 29, according to Denver Post. In a regulatory filing, Molson Coors said van Paasschen also received as a signing bonus a $100,000 contribution under a deferred pay plan and options to acquire 75,000 Class B shares of Molson Coors.
The filing said van Paasschen is also eligible for a yearly target bonus of 75% of annual pay, plus up to $937,500 total over three years in bonuses based on volume growth.
Molson Coors was formed by last month's merger of brewers Molson Inc. and Adolph Coors Co.
Van Paasschen, who is slated to start work at Coors on March 29, previously worked for footwear and apparel giant Nike Inc. At Nike, van Paasschen, 43, boosted revenue from more than $2.5 billion to almost $4 billion in four years, building the firm's presence in such markets as Africa and Brazil, Molson Coors said Monday.
The brewer's sales measured by volume fell last year in its Americas region. Van Paasschen's bonus will be based on his ability to reverse sluggish sales, the company said in the filing.
Shares of Molson Coors Class B common stock closed Thursday at $74.71 each.
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