For Anheuser-Busch, It’s All in The Family
The world’s largest brewer Anheuser-Busch has promoted August A. Busch IV as the company’s new president and CEO, effective Dec. 1.
Busch, the fifth-generation of the Busch family to lead the company, will succeed Patrick Stokes, who has served as Anheuser-Busch’s CEO since July 2002 and will now become company chairman. In his new role, Stokes, 64, will replace August Busch III, who is retiring after nearly 50 years at the company. Busch III will remain on as a board member.
The 42-year-old Busch heads the company’s flagship U.S. brewery unit and has held the position since 2002. He has worked for the family business for 21 years, starting as an apprentice brewer in 1985. Busch IV has held a number of positions in management, brewing, operations and marketing. He was VP-brand management in 1994, VP-marketing in 1996 and in 2000 became group VP-marketing and wholesale operations.
“Anheuser-Busch is ready for the next generation of leadership,” Busch III said in a statement. “August IV has successfully prepared himself by leading the U.S. beer company through a period of great change and challenge. He brings with him the new thinking of his generation, yet appreciation for the great traditions and values of this company.”
August Busch IV may initiate changes at the company to become more “proactive and nimble” as it moves to expand sales beyond domestic beer, wrote UBS Securities analyst Kaumil Gajrawala in a note, USA Today reported.
“Busch IV could be more amenable to bigger, more transformational deals,” Gajrawala wrote. The new CEO may “possibly even consider a large acquisition in the spirits and wine industry.”
Adolphus Busch, Busch IV’s great-great grandfather who co-founded the company, married Lilly, the daughter of Eberhard Anheuser, who bought the brewery in 1860. Anheuser-Busch now controls about half of the U.S. beer market with brands including Budweiser, Bud Light and Rolling Rock.
