- Anheuser-Busch InBev CEO Carlos Brito will step down, effective July 1.
- Michel Doukeris, who currently serves as the head of the company's North American business, will take the reins from Brito.
- In addition to the succession announcement, Anheuser-Busch InBev reported its first-quarter earnings, topping Wall Street's estimates despite lockdowns outside of the United States.
Shares of Anheuser-Busch InBev rose more than 6% in midday trading Thursday after the Bud Light brewer announced that CEO Carlos Brito will step down, effective July 1.
Michel Doukeris, who currently serves as the head of the company's North American business, will take the reins from Brito.
"The CEO announcement will allow investors to reformulate views on a company which appears to be at the start of a positive transition," Barclays analyst Laurence Whyatt wrote in a note to clients.
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In addition to the succession announcement, Anheuser-Busch InBev reported its first-quarter earnings, topping Wall Street's estimates despite lockdowns outside of the United States. Revenue rose 17.2% to $12.3 billion as the company faced comparisons with last year, when bars and restaurants began shuttering temporarily due to the coronavirus pandemic.
Brito has held the role of chief executive for 15 years, starting when the company was only InBev. His 61st birthday falls on Saturday, according to the Financial Times. During his time as head of the company, he led the acquisitions of Anheuser-Busch and SABMiller, transforming the firm into the world's largest beer brewer and cutting costs along the way.
However, in recent recent years, consumption of beer has been declining as consumers opt for substitutes like hard seltzer or choose to drink less — or not at all. AB InBev has added new products, like Bud Light Seltzer, to adapt to changing tastes.
Doukeris has spent the last 25 years at AB InBev, working his way up to leadership positions in the Asian and North American divisions. Like Brito, he is Brazilian. AB InBev said that the board unanimously elected Doukeris as Brito's successor.
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Jefferies analyst Edward Mundy wrote that Doukeris brings a "strong premium focus" to the company. He implemented the high-end division in China. He also has experience with e-commerce. The successor for Doukeris's current role will be named before July.
Shares of AB InBev have risen 7% so far this year, giving it a market value of $127 billion.
Correction: Shares of Anheuser-Busch InBev rose more than 6% in midday trading Thursday. An earlier version misstated the day.
