Anson Frericks, former president of sales and distribution for Anheuser-Busch, believes CEO Brendan Whitworth should step down.
His opinion, shared in the Daily Mail, arises from Whitworth’s handling of a situation involving Dylan Mulvaney.
Mulvaney, a transgender activist, criticized Bud Light on social media for not publicly supporting him after his employment.
“For a company to hire a trans person and then not publicly stand by them is worse than not hiring a trans person at all,” Mulvaney said.
Whitworth responded by saying the company “will focus on what we do best – brewing great beer for everyone and earning our place in moments that matter to our consumers.”
Frericks criticized this response as insufficient and noted that Whitworth did not clearly state in a later interview whether Anheuser-Busch would work with Mulvaney in the future.
Frericks attributes Whitworth’s indecision to the influence of ‘stakeholder’ capitalism, a business approach that encourages companies to cater to a broad range of entities, including activists, politicians, and non-governmental organizations, at times to the detriment of shareholders and customers.
Frericks pointed to ‘The Big Three’ asset managers—Vanguard, BlackRock, and State Street—as key proponents of ‘stakeholder’ capitalism.
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With a combined management of over $20 trillion, they are significant shareholders in many publicly traded companies.
Frericks asserts that CEOs like Whitworth have become spokespersons for these entities and their objectives.
Frericks urged that it’s the regular Americans, or the “real shareholders,” who should press for Whitworth’s resignation.
He contends that Whitworth’s management of the Mulvaney issue signals a leadership deficit.
“Whitworth has clearly shown himself to be incapable of solving the Mulvaney crisis,” Frericks said. “He’s had multiple chances and he’s failed. It’s time he did the right thing and stepped aside to make way for someone capable of righting the sinking Bud Light ship.”
After this latest public relations challenge, Anheuser-Busch’s leadership may come under scrutiny again in the coming weeks.
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