Posted on 11/16/2023 11:47:12 AM PST by Morgana
The US chief marketing officer of Anheuser-Busch InBev is stepping down amid the company's continuing slump in sales, following Bud Light's disastrous collaboration with transgender influencer Dylan Mulvaney earlier in the year.
Benoit Garbe is set to leave his role at Bud Light's parent company at the end of the year, it was announced Wednesday, 'in order to embark on a new chapter in his career.'
Serving as the company's CMO for just over two years, his tenure was marred by an April marketing debacle where a Bud Light partnership with Mulvaney led to a boycott by the brand's customers and a significant loss in revenue.
In third quarter returns reported Tuesday, the summer slump continued as the company suffered a 13.5 percent drop in revenue per 100 liters, a key measure for beer sales.
The fallout from the Mulvaney partnership led to a devastating stint for Bud Light, where it suffered repeat double-digit revenue drops on a near-weekly basis.
Nationwide backlash to the company's marketing even led to some stores selling the beer for less than water, as the parent company lost a staggering $6 billion in market capital in just six days after the advertising.
Some fans also criticized the company's response to the controversy, where it was seen by some as over-compensating with overtly patriotic advertising to try and right the ship.
As the dip in revenue continued through the year, it has hurt the profits of Anheuser-Busch InBev, the world's largest brewer that produces a large number of beers including Budweiser, Michelob, and Stella Artois.
In August, just months after the Mulvaney advertising ran in April, it was reported that Anheuser-Busch InBev had suffered a staggering $390 million drop in US sales.
(Excerpt) Read more at dailymail.co.uk ...
Dud AB fire that woke Havard grad yet?
Institutional investors trying to cover for the wokesters.
. . .but Bud Lite tastes like shiiite.
Why does ANYBODY even drink it?
All they had to do was sell beer and STAY out of politics ,LOL
“embark on a new chapter in his career”
Hopefully they still have openings in Russian nuclear power plants....
;-)
In theory (in an efficient market with perfect information) the stock price represents the present value of future discounted cash flows.
Because of economies of scale (i.e., the factories are still open and costing money to operate even though some are running at well below production capacity) loss of revenue is disproportionately harmful to profitability.
In English what that means is if you flush a bunch of cash down the toilet (because you were a stupid pervert company) month after month forever the stock price will subtract the toilet cash from the other cash before multiplying by the cost of capital (equity portion) to get the stock price.
That woman in marketing took down a giant. And she wasn’t even trying.
This should have been done on Day One.
It won’t save AB
“Hopefully they still have openings in Russian nuclear power plants....”
How about the local sewer that would be more fitting.
Miscellany.
“..It would be caving to the narrow minded Neanderthals who were offended by the creep on the can...”
Oh, you mean their core customer base...lol...classic example of “go woke, go broke”.
They’re just like those big-time UniParty DC politicians that have reached to the point in their arrogance to where they think they can just ignore their constituencies without consequence, That’s why they hate their constituencies so much.
“Uncovered Documents Show Bud Light Misled About Relationship With Dylan Mulvaney”
The US Army discovers woke doesn’t win wars — but is it too late?
Bud Light sucks.
BTTT
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.