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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Anheuser-Busch InBev    ABI   BE0974293251

ANHEUSER-BUSCH INBEV

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Anheuser-Busch InBev CFO Felipe Dutra to Step Down--Update

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02/05/2020 | 08:54pm EDT

By Nina Trentmann

Anheuser-Busch InBev SA said longtime finance chief Felipe Dutra will step down as part of a management shake-up at the Belgium-based brewer.

Fernando Tennenbaum, the company's vice president of finance for South America, will become the company's chief financial officer after its annual meeting on April 29, AB InBev said.

Mr. Dutra has been AB InBev's CFO since January 2005 and played a key role in building AB InBev -- the world's biggest brewer -- by striking various deals to integrate assets including Interbrew, Anheuser-Busch International, Modelo and SABMiller, analysts at Jefferies Financial Group said in a January note to clients. Mr. Dutra also was the company's technology officer.

"Felipe's departure is bittersweet," AB InBev Chief Executive Carlos Brito said in a release. "Felipe feels that now is the right time to embark on new projects, and we are respectful of that decision."

It was unclear why Mr. Dutra decided to step down. AB InBev, the maker of Budweiser, Stella Artois and Beck's beer, declined to comment beyond a news release. Mr. Dutra declined to comment on Wednesday.

The Financial Times reported in January that Mr. Dutra was planning to step down. AB InBev also declined to comment at the time.

Because of his record, analysts doubted Mr. Dutra would be forced out by AB InBev's board. Citigroup Inc. analysts predicted in January he would likely leave for personal reasons instead.

AB InBEv's stock has declined in recent years, and Mr. Dutra's departure could result in short-term uncertainty for the company's stock price, Citigroup analysts wrote last month.

"Rebuilding trust and confidence in AB InBev's thesis may take time, and evidence of delivery will be required to tempt many back into the story, " the analysts wrote.

Analysts speculated the company, known for having a deep bench of finance executives, would promote a new finance chief from within.

Mr. Tennenbaum is a 15-year veteran of the company. In addition to his current role as vice president of finance for South America, he is also CFO and investor relations officer for Brazilian subsidiary Ambev. Before that, he worked as global treasurer of AB InBev from 2012 to 2018, according to his LinkedIn profile.

AB InBev said Mr. Tennenbaum played a key role in the deal to take over SABMiller, which closed in 2016, leading the funding and managing the company's debt profile.

He will be tasked with ensuring AB InBev continues to invest in organic growth while also bringing down its huge debt pile, the company said in its release. AB InBev had $104.5 billion in debt at the end of September, according to S&P Capital IQ.

As part of the executive changes, David Almeida will become chief strategy and technology officer. Nelson Jamel, whom analysts believed was also a candidate for the CFO role, has been appointed chief people officer.

Jefferies analysts predicted AB InBev would look to split the CFO and technology chief roles if Mr. Dutra were to step down.

"We wonder whether some front-office roles could migrate to other functions across sales/commercial, with the more traditional supply chain/operations roles staying within the CFO," Jefferies analysts wrote last month.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AMBEV S.A. -2.42% 12.49 End-of-day quote.-31.44%
ANHEUSER-BUSCH INBEV -8.64% 38.735 Delayed Quote.-46.73%
CITIGROUP INC. -4.82% 43.8 Delayed Quote.-45.17%
JEFFERIES FINANCIAL GROUP -5.72% 14.34 Delayed Quote.-32.90%
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Financials (USD)
Sales 2020 49 034 M
EBIT 2020 14 255 M
Net income 2020 5 281 M
Debt 2020 85 818 M
Yield 2020 4,46%
P/E ratio 2020 16,4x
P/E ratio 2021 11,1x
EV / Sales2020 3,47x
EV / Sales2021 3,20x
Capitalization 84 549 M
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Technical analysis trends ANHEUSER-BUSCH INBEV
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 66,10  $
Last Close Price 43,15  $
Spread / Highest target 148%
Spread / Average Target 53,2%
Spread / Lowest Target -50,0%
EPS Revisions
Managers
NameTitle
Carlos Alves de Brito Chief Executive Officer
Martin J. Barrington Chairman
Luis Felipe Pedreira Dutra Leite Chief Financial & Technology Officer
William F. Gifford Non-Executive Director
Marcel Herrmann Telles Non-Executive Director
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