Beer maker Molson Coors' (TAP) Chief Financial Officer Mauricio Restrepo has resigned for "matters regarding personal conduct" unrelated to the company, it said in a filing with the Securities and Exchange Commission. The shares fell 1.4% to $96.55 Friday morning
Restrepo has to repay part of his $1.2 million sign-on bonus and relocation benefit expenses, which the company estimates to be $776,149.38, according to the company's SEC filing. Restrepo joined Molson Coors in May after leaving his job as CFO of Makers Mark and Jim Beam parent company Beam Suntory.
Molson promoted Tracey Joubert, formerly the CFO of the company's U.S. business, to take Restrepo's place.
"I have had the privilege of working closely with Tracey for several years and am confident she is very knowledgeable about the Molson Coors organization, our commercial strategy and where we are heading as a bigger, better business," CEO Mark Hunter said in a statement.
Joubert has been CFO of Molson's U.S. business since 2012. Before that, she was the company's vice president of finance, planning and analysis.
Molson Coors last released quarterly results on November 1, reporting a decline in earnings to $222.7 million, or $1.03 per share. The company also reported that net sales for the period fell to $947.6 million from $1.02 billion the previous year. Analysts were expecting the company to report earnings of $1.01 per share on revenue of $973 million.
Molson Coors bought SABMiller's 58% stake in the two companies' Miller Brewing Co. joint venture for $12 billion in October.
While so far this year Molson Coors shares have risen 4.3%, the stock has dropped 8.8% since November 1.