Businessweek

SABMiller plc announced that executive chairman Graham Mackay has been diagnosed with a brain tumour. He underwent surgery, and will now embark on a course of treatment. Accordingly, the board has accelerated the planned promotion of Chief Operating Officer Alan Clark to Chief Executive with immediate effect. Mr. Clark was appointed as Chief Operating Officer in July 2012 with a view to succeeding Mr. Mackay as Chief Executive in July 2013 after a transitional period of one year, when it was intended that Mr. Mackay would become Non-Executive Chairman. The board will keep Mr. Mackay's position under review pending the outcome of his treatment, and John Manser, Deputy Chairman, will become Acting Chairman for the time being.

SABMiller plc reported sales results for the fourth quarter and full year ended March 31, 2013. For the fourth quarter group revenue grew by 4% and group revenue per hl was up 1%, both on an organic, constant currency basis. For the three months ended March 31, 2013, MillerCoors' US domestic sales to retailers (STRs) were down 3.3%. Group revenue for the full year grew by 7%, on an organic, constant currency basis, with group revenue per hectolitre (hl) up 3%, reflecting excise-driven price increases and the impact of regional mix. For the 12 months ended March 31, 2013, MillerCoors' US domestic sales to retailers (STRs) were down 2.0%.

SABMiller plc announced that Guy Elliott has agreed to join the SABMiller board as an independent non-executive director with effect from 1 July 2013. Elliott, age 57, has been the Chief Financial Officer of Rio Tinto plc and Rio Tinto Limited since 2002. He will be stepping down from these positions on 18 April 2013, although he will continue as a senior executive director of Rio Tinto plc and Rio Tinto Limited until the end of 2013. The company announces that Cyril Ramaphosa, who has been an independent non-executive director since March 1999, will not be seeking re-election this year, and will retire from the board at the annual general meeting in July 2013. Graham Mackay, who it is intended will become Non-Executive Chairman at the conclusion of that meeting when Alan Clark becomes Chief Executive, will succeed John Manser as chairman of the nomination committee. Manser will remain a member of the nomination committee, and Ms Helen Weir, who was appointed as a non-executive director in May 2011, will join the nomination committee in place of Ramaphosa. Lesley Knox, who was appointed as a non-executive director in May 2011, will succeed Mr. Miles Morland as chairman of the remuneration committee. Morland will remain a member of the remuneration committee, and Mr. Guy Elliott will join the remuneration committee. Guy Elliott will also join the audit committee. John Manser, who has been an independent non-executive director since 2001, and Miles Morland, who has been an independent non-executive director since 1999, will not seek re-election and will retire from the board at the conclusion of the annual general meeting in 2014. Guy Elliott will succeed Manser as Deputy Chairman and senior independent director and will become a member of the nomination committee. Mark Armour, who has been an independent non-executive director since 2010, will succeed Manser as chairman of the audit committee.

SABMiller plc announced the launch of a cassava beer in Ghana. The beer will be brewed by SABMiller's local subsidiary, Accra Brewery Limited (ABL), under the brand name 'Eagle'. The launch builds on the success of the world's first commercially-made cassava beer, Impala, which SABMiller unveiled in Mozambique 18 months ago. Eagle will be sold in 375ml bottles at a price point equal to 70% of mainstream lager.

SABMiller plc reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported sales of $2,058.0 million against $2,029.7 million for the same period last year. Net sales were $1,783.8 million against $1,753.9 million for the same period last year. Operating income was $177.2 million against $196.0 million for the same period last year. Income before income taxes and non-controlling interests was $174.0 million against $196.7 million for the same period last year. Net income attributable to the company was $170.4 million against $194.0 million for the same period last year. Non-GAAP underlying net income was $185.8 million against $194.0 million for the same period last year. For the year, the company reported sales of $8,966.6 million against $8,763.3 million for the same period last year. Net sales were $7,761.1 million against $7,550.2 million for the same period last year. Operating income was $1,211.1 million against $1,020.3 million for the same period last year. Income before income taxes and non-controlling interests was $1,211.4 million against $1,021.5 million for the same period last year. Net income attributable to the company was $1,190.9 million against $1,003.8 million for the same period last year. Non-GAAP underlying net income was $1,222.7 million against $1,116.8 million for the same period last year.