Beer giant Molson Coors (TAP) has named company insider Rahul Goyal as its new CEO.
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Goyal succeeds current CEO Gavin Hattersley, who is retiring at the end of this year. The CEO change comes at a sensitive time for Molson Coors, with the beer maker struggling with weak consumer demand and tariffs imposed by U.S. President Donald Trump.
Goyal currently serves as chief strategy officer at Molson Coors, whose beer brands include Molson Canadian, Coors Light, and Blue Moon, among others. He is scheduled to assume the CEO role on Oct. 1 of this year and has worked at the company for more than 20 years.
Record Low
As CEO, Goyal is tasked with steering Molson Coors through a difficult time, with alcohol consumption among Americans falling to its lowest level on record. Demand for alcohol in the U.S. has also been hurt as consumers pull back on discretionary spending amid economic uncertainty.
Molson Coors recently forecast a drop in its annual profit, citing tariff impacts, notably the cost of aluminum used in its beer cans. Aluminum imports into the U.S. have been hit with a 50% import duty, driving up aluminum prices as a result. TAP stock has declined 18% this year.
Is TAP Stock a Buy?
The stock of Molson Coors has a consensus Hold rating among 19 Wall Street analysts. That rating is based on six Buy, 11 Hold, and two Sell recommendations issued in the last three months. The average TAP price target of $54.63 implies 19.88% upside from current levels.
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