Carlos Brito, CEO of beer giant AB InBev for 16 years, is going nowhere. The top executive denies any persistent rumours that he will soon be replaced.
Looking for a replacement?
AB InBev’s CEO, Carlos Brito, expects to remain at the head of the world’s largest brewing group for “many more quarters“. This is what Brito tells Reuters reporters, in response to continuing speculation about an imminent departure. AB InBev reported a decline in profits in the third quarter on Thursday due to the corona pandemic.
In September, the Financial Times announced that the beer giant had started looking for a replacement for Brito. This idea was supported by the fact that his CFO, who was his right-hand man for years, quit earlier this year. The company’s high level of debt and poor performance due to the corona crisis would also encourage his departure.
“Just rumours”
Rumour has it that Brito himself was involved in the search for his successor and was planning to resign in the course of next year. But the top executive now formally denies this. He calls it “just rumours like any other” and guarantees the journalists that they will “not be rid of him” in the coming quarters.
Every year, the company looks at possible succession scenarios, according to the CEO, and certainly in the light of the corona-pandemic, the brewery group draws up contingency plans in case top executives fail. “We do this exercise all the time, including for my position. We do that normally in October. This year we did it in March and April because of COVID. Any responsible company would do that to be ready for possible events.”
