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Molson Coors' MillerCoors to axe positions amid restructuring

MillerCoors, a beer brand by Denver-based brewing company Molson Coors Brewing Co., said Sept. 4 that it will cut about 350 salaried positions as part of the company's restructuring plan to "get its business back on track."

The company's announcement comes after it recognized that its organization and cost base are "out of line" with the scale of its business and rising costs.

"We need the financial flexibility to invest in our brands and solutions at the right level, quickly capitalize on new opportunities, and maintain a robust marketplace presence," MillerCoors CEO Gavin Hattersley said in an email to distributors.

MillerCoors added that about 150 of the 350 jobs it plans to eliminate had been held open or were cut earlier in 2018. The brewer also said it will offer a voluntary severance program for affected employees.

The Molson Coors unit announced in early August that it is ending the production of its light beer brand, Two Hats, by early 2019 to focus spending on brands Coors Light and Miller Lite.

It also began a search for a new chief marketing officer that will bring a "fresh perspective" to its marketing and portfolio after David Kroll left the position toward the end of July.