Dan O'neill knows what he's doing:
DENVER, Colorado and MONTREAL, Canada, April 28, 2005 - Molson
Coors Brewing Company (NYSE and TSX: TAP) today announced that Daniel J.
O'Neill, Vice-chairman, Synergies and Integration and formerly President and
CEO of Molson Inc., has chosen to leave the company May 31 of this year.
Mr. O'Neill's decision to leave the company is based on his completion of the
merger synergies plan and strategies work.
"Dan has done an outstanding job. He has devised a master plan to deliver
on the synergies that made this merger so promising," said Leo Kiely, CEO of
Molson Coors. "He has marshaled the team and, with Cathy Noonan, set the
benchmarks for delivering the synergies plan. His contribution to the success
of the merger has been exceptional."
"I am satisfied that I have delivered on the synergies commitment and I
am leaving the company in good hands and with a bright future," said
Mr. O'Neill. "The merger teams have been working for nearly a year to plan,
identify, and organize the synergies. More importantly, the global synergies
team has taken ownership of the plan and is driven to implement it
successfully. He added, "I have been proud to lead the charge and to create a
strong, effective synergies team that will now be led by Cathy Noonan."
Molson Coors appointed Cathy Noonan to the position of Global Chief
Synergies Officer, reporting to Daniel J. O'Neill, in December 2004.
Ms. Noonan will maintain her title and responsibilities, and will now report
directly to Mr. Kiely.
One of the strategic benefits to the creation of the Molson Coors Brewing
Company was the immediate tangible benefit that could be derived through
substantial cost savings in the areas of brewery optimization and
consolidation, improved procurement practices, the elimination of duplicative
overhead and the integration of technology platforms. Through Dan O'Neill's
commitment to synergies delivery, Molson Coors has moved quickly to develop
and finalize a detailed synergies plan. The plan has three components: the
creation of a committed synergies team with clear roles, accountabilities, and
processes; a specific, detailed plan over three years to achieve $175 million
in annual cost savings; and processes to monitor the timely delivery of the
plan.
Molson Coors Brewing Company is the fifth largest brewer in the world. It
sells its products in North America, Europe, Latin America and Asia. Molson
Coors is the leading brewer in Canada, the second largest in the U.K, and the
third largest brewer in the U.S. The company's brands include Coors Light,
Molson Canadian, Carling, Kaiser, Coors, Killian's Irish Red and Zima XXX. For
more information on Molson Coors, visit the company's website,
www.molsoncoors.com .
