Molson Coors' biggest bonus goes to Pete Coors

Molson Coors Brewing paid 2008 bonuses to all of its top executives, but none bigger than to chairman Pete Coors.

Pete Coors received a bonus of $1.19 million on top of salary of $841,500, the company reported to shareholders Tuesday in its annual proxy statement. CEO Peter Swinburn, who spent part of the year as CEO of subsidiary Coors Brewing, made a bonus of $824,277 on top of salary of $746,963.

The bonuses came even as the company missed all of its pre-tax earnings targets, from the parent company on down to its American, Canadian and European subsidiaries. The company-wide earnings target was $712.5 million, but the company posted $658 million instead. The bonus plan also set above-market goals for sales-volume growth; Molson Coors has eliminated that component of the plan for 2009.

Pete Coors’ top spot on the bonus pile is caused in no small part to the corporate changes at Molson Coors in 2008. On July 1, the company placed its American brewing operations into MillerCoors, a joint venture with SABMiller, and CEO Leo Kiely and Chief Financial Officer Tim Wolf went along. New CEO Swinburn and CFO Stewart Glendinning only served half a year in their new roles.

Molson Coors also notes that while Pete Coors is intended to have a salary below that of the CEO, “As chairman of the board of directors of the company, executive chairman of MillerCoors, and executive chairman of Coors Brewing Co., Mr. Coors has had a broader range of executive responsibility than any other executive officer, except the CEO. There are no direct peer comparisons for the role Mr. Coors plays at the Company.”

Indeed. Pete Coors is a member of the founding family of the company, which owns nearly 24 million shares of Molson Coors stock, worth roughly $800 million at today’s prices.

Pete coors received $91,678 in perks, including sports tickets and life insurance. He did not receive a car allowance, but he did receive a parking allowance, Molson Coors said. he also got reimbursement for spouse travel. (“Mr. Coors’ spouse occasionally accompanies him to Board functions and the cost paid by the Company is reflected … ” the company said.)

Pete Coors has three children working for MillerCoors:

Melissa Coors Osborn is a director of Molson Coors and is employed on a part-time basis by MillerCoors, making a base salary of $77,500 plus cash bonuses of$36,001.

Peter J. Coors is employed by MillerCoors with a base salary of $98,000 plus cash bonuses of $47,851.

Christien Coors Ficeli  is employed by MillerCoors with a base salary of $125,000 plus cash bonuses of $58,400.

Molson Coors says this: “From time to time, we employ members of the Coors and Molson families, which together own a controlling interest in Molson Coors. Hiring and placement decisions are made based upon merit, and compensation packages are offered that are commensurate with policies in place for all employees of Molson Coors.”