Beam execs resign ahead of Suntory takeover

22nd April, 2014 by Amy Hopkins

Three senior executives at Beam Inc have resigned ahead of the company’s impending takeover by Japanese group Suntory.

Beam executives resign

Beam Inc’s CFO and two other company executives have announced their intentions to resign ahead of Suntory’s takeover

A briefing filed with the US Securities and Exchange Commission by Illinois-based Beam on Friday revealed that its president of North America Bill Newlands, chief financial officer Robert Probst, and corporate controller Leo Mierzwicki would be stepping down form their roles.

The statement claimed that Probst and Mierzwicki had resigned for “personal reasons” to pursue other professional opportunities “in view of the impact on their roles due to the impending acquisition of the company by Suntory Holdings”.

Probst’s resignation is effective from 31 May while Mierzwicki will leave his role on 10 July.

However, Newlands will continue consulting for Beam to provide “strategic support and guidance” for its North American business three days a week from 31 May.

A spokesperson for Beam Inc said: “As our company approaches the exciting next chapter in its history, three of our executive leaders have decided that this is a logical time to consider new personal and professional pursuits.

“These are very personal decisions on their part, and they will depart with our utmost gratitude and warmest best wishes.

“The rest of our leadership team intends to remain with the newly combined company and our deep bench of talent will position us well to transition the roles of those who will depart in the coming months.”

Suntory offered US$16 billion to buy Beam Inc, producer of Maker’s Mark Bourbon and Courvoisier Cognac, in January this year.

The deal received regulatory approval by US authorities as well as the green light from shareholders in March, despite numerous legal attempts to stall the acquisition.

Beam expects that the acquisition will be completed during the week starting 28 April.

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