Molson Coors (NYSE:TAP) Beverage Company (NYSE:TAP) disclosed today that Sergey Yeskov, the President and CEO of its EMEA&APAC segment, has resigned for personal reasons, effective immediately. Yeskov's departure was announced following a mutual agreement on termination dated October 17, 2024.
According to the filing, Yeskov will be on "garden leave" until December 31, 2024, after which his employment with the company will officially end. During this period, he will receive a severance payment equivalent to one year of his current base salary, subject to standard taxes and deductions.
Yeskov will also be eligible for a potential payout under the 2024 Molson Coors Incentive Plan, with his individual goal multiplier guaranteed at 100% of the target. Additionally, he is slated to receive a cash payout equivalent to his 2022 performance share unit award in April 2025, which will range from 100% to 200% of the target based on the company's actual results.
Upon termination, all other unvested equity awards will be canceled, but Yeskov will have one year to exercise any vested stock options. He will also be bound by customary restrictive covenants, including non-compete provisions for 12 months after his garden leave.
The company's announcement, based on a press release statement, provides investors and stakeholders with the key terms of Yeskov's departure and subsequent arrangements. The details of the termination agreement are available as an exhibit to the SEC filing for those seeking further information.
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