Anheuser-Busch Cos. has named Patrick Stokes, 59, CEO-president. He succeeds August Busch III, 64, who continues as chairman of the board.
August Busch IV, 38, will succeed Mr. Stokes as president of the company's brewing subsidiary, Anheuser-Busch Inc. He will continue to report to Mr. Stokes.
The elder Mr. Busch has said he would reduce his role at the company when he turns 65 in June. The company has not said who will succeed the younger Mr. Busch as group vice president of marketing and wholesale operations. In a statement, the company said he would remain heavily involved in marketing, and "over time, he will make a determination on how he wants his team configured."
The moves are effective July 1.
The world's largest brewer also reported that first-quarter net sales rose 3% to $3.14 billion, up from $3.04 billion in the year-earlier period. Net income was $456.1 million, or 51 cents per share, up from $394.4 million, or 43 cents per share, in 2001.