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G. Heileman's Cutbush resigns; Rattigan named.

G. Heileman's Cutbush resigns; Rattigan named

Last week Bond Corp.'s chairman Peter Lucas announced the resignation of G. Heileman Brewing Co. president and chief operating officer, Murray Cutbush, and the appointment of Thomas Rattigan as chairman and chief executive officer of the nation's fifth largest brewer.

Four additions to Heileman's board were also announced including: Lucas, Rattigan, and Bond Corp. executive directors James Rawlings and Zoltan Merszei.

During the announcement of his departure, Lucas praised Cutbush's service to Heileman by emphasizing his role in stabilizing the company and refocusing its operations as a true regional brewer. "Murray's made the tough decisions, generated momentum, and established a foundation for the the future," Lucas said.

According to Cutbush, his decision to resign was directly related to the financial restructuring negotiations which have been underway since early 1990. "Following discussions with the bank group, it was decided that the company should begin to look for a new chief executive to run the company for the long term. I agreed to stay on until a suitable replacement was found," Cutbush explained. "I believe Tom Rattigan is an ideal man to take Heileman forward over the coming years."

While announcing the leadership change, Lucas said Heileman's operating income had increased dramatically over the past 18 months. "Despite this substantial improvement, we must achieve a financial restructuring that addresses the significant debt we face," Lucas reported. "Resolving this situation is the top priority for our new chairman and the Heileman board."

Since 1989, Rattigan has been a principal with Riverside Partners, Inc., a Cambridge, MA-based investment firm. His background includes Commodore International Ltd., where he served as president from 1985-87; Pepsico, Inc., serving as president and chief executive officer of Pepsico Bottling Intl.; and General Foods Corp., where he held several group management positions.
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Title Annotation:Murray Cutbush resigned as president of G. Heileman Brewing Co., and was replaced by Thomas Rattigan
Publication:Modern Brewery Age
Date:Jan 28, 1991
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