Reuters

(Reuters)

MillerCoors Profit Drops, CEO to Retire

Features Reuters

MillerCoors LLC, the U.S. operations of Molson Coors Brewing Co and SABMiller Plc, reported a 10 percent fall in quarterly net profit, and said Chief Executive Tom Long will retire on June 30.

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Net income attributable to the company fell to $213.3 million in the fourth quarter ended Dec. 31 from $237.1 million a year earlier.

Net sales fell about 1 percent to $1.78 billion.

Molson Coors owns 42 percent and SABMiller owns the rest of the company, whose "above premium" brands include Leinenkugel's Summer Shandy and Blue Moon Belgian White.

Long had been CEO since 2011.

The company said it is conducting a search for a successor.

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(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)