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After 3 yrs at the helm, navigating particularly challenging trends, FIFCO USA ceo Piotr Jurjewicz stepped down from the role, co announced yesterday. He'll be succeeded "effective immediately" by Gustavo Cornejo, previously FIFCO's general manager for Northern Central America, the Caribbean and Mexico. Gustavo has been with FIFCO for over a decade including a stint as head of sales in US. This marks the 5th ceo change since buying North American Breweries for $388 mil in late 2012, and 2d time FIFCO's brought in an international exec to run US, as they seek to stop the bleeding on own-brand volume here and continue to stoke its sizable contract brewing biz. When FIFCO (Florida Ice & Farm Co) bought NAB in late 2012, the portfolio sold 2.7 mil bbls in the US primarily of Labatt and Genesee plus then-sizable craft brands Magic Hat and Pyramid. By 2024, volume declined nearly 40% to 1.65 mil bbls, INSIGHTS estimates. But at same time, FIFCO continues to make big investments in US production capabilities, recently implementing a $28-mil high-speed canning line and bringing in Labatt production from MC's Canadian facilities into its own US facility. And co's betting big on Lipton Hard Iced Tea brand partnership with PepsiCo this yr. But sales of its own brands continue to slip: FIFCO USA volume is down 12.5% in NIQ off-prem channels YTD thru May 31. Still Searching for Its US Identity Going thru roladex of ceo's in the last 13 yrs or so shows a company that's still searching for identity here. In 2014, then-ceo Rich Lozyniak stepped down after completing the sale and transition of NAB, and co named ex Brown-Forman global cmo Kris Sirchio as his replacement shortly after. Kris helped implement then-global ceo Ramon Mendiola's triple-bottom-line initiatives and stoke growth of Seagram's Escapes, but overall declines continued including the tuff erosion of its craft biz and soft imports. In early 2018, co replaced Kris with Adrian Lachowski, who previously worked as general manager of FIFCO's Central American beer biz, and before that had a long career mostly with ABI related cos. But Adrian stepped down just ~2 yrs later. Co hired bev industry vet Rich Andrews, who had 30 yrs of experience in intl roles in wine, coffee, spirits and NA bevs, but no beer experience. Portfolio grew during Covid as Seagram's Escapes surged, but declines resumed in following yrs as FMB competition ramped up. Piotr stepped up to ceo role nearly 2.5 yrs later, after a stint as FIFCO USA cmo and previously coming from extensive career with SABMiller. Volume dropped off at steeper rates in recent yrs as Seagram's Escapes fell, and that brings us to Gustavo stepping in, marking the 6th US ceo since 2012 acquisition. While US remains challenged, FIFCO's total biz is much bigger and healthier. Global ceo Rolando Carvajal, who took over for Ramon after retirement at end of 2023, spoke to distribs about the parent co's overall health and touted US as an "absolutely strategic" investment for FIFCO late last yr. It "will continue being, for us, a long-term bet in growing our footprint," stated Rolando, touting big investments in production capabilities. In fact, co spent $210 mil in last 15 yrs "to make the facility a preferred contract manufacturing partner for top beverage companies across North America," co shared on its website, offering services to any suppliers looking to produce 500K cases or more per year of beer, wine, spirits, flavored alc bevs, NA bevs. "After living in Buffalo for over four years and overseeing our Sales Operations department, I am thrilled to return to the US to lead FIFCO USA," said Gustavo. "I will spend the next 100 days immersing myself in the business and working with partners internally and externally to shape a forward-looking strategy, which I am excited to share once this process is complete."

FIFCO USA Ceo Piotr Steps Down; Gustavo Cornejo Steps In from Global; 6th Ceo in 13 Yrs as Own Volume Slipped 40+%

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