AB InBev Chair Martin Barrington set to retire after extended tenure

(Alliance News) - Anheuser-Busch InBev NV announced on Friday its Chair Martin Barrington will retire at the end of next month after seven years in charge.

The Leuven, Belgium-based brewer said Barrington's retirement will be effective at the conclusion of its annual general meeting on April 29.

AB InBev said a new chair will be seated in due course, with the input from the new directors following the annual shareholders' meeting next month.

Barrington, who is 72 years old, has served on the board since 2016 and as chair since 2019.

"He is retiring in line with the company's corporate governance charter provision respecting retirement at age 70," AB InBev said in a statement on Friday.

At the board's request, Barrington extended his tenure as chair for two additional terms beyond the cut-off age to help "steer" the board and "set the company up for future success".

"It has been a pleasure to serve on and lead the AB InBev board, working alongside such strong and passionate leaders," Barrington said. "The company is well positioned to lead and grow the beer category and deliver long-term value to its shareholders."

Barrington is a representative of the restricted shareholders.

To fill the restricted share director seat left by Barrington's retirement, AB InBev said the restricted shareholders have proposed William Gifford, who has previously been an AB InBev director and is the retiring chief executive officer of Altria Group Inc, subject to shareholder approval at the AGM on April 29.

Anheuser-Busch shares closed down 0.6% at EUR59.42 in Brussels on Thursday.

By Artwell Dlamini, Alliance News senior reporter South Africa

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