2023-04-14 16:52:32 ET
The executive in charge of AB InBev's ( BUD ) Anheuser-Busch unit responded amid the controversy around an ad campaign featuring social media influencer and trans activist Dylan Mulvaney.
“We never intended to be part of a discussion that divides people," Brendan Whitworth, CEO of Anheuser-Busch said in a statement on Friday. "We are in the business of bringing people together over a beer.
The executive's comments come as AB InBev ( BUD ) has been embroiled in a controversy over the ad with the social media influencer and its shares have dropped 2.7% this week.
"My time serving this country taught me the importance of accountability and the values upon which America was founded: freedom, hard work and respect for one another," Whitworth added." As CEO of Anheuser-Busch, I am focused on building and protecting our remarkable history and heritage."
On Thursday a Citi analyst said AB InBev ( BUD ) stock pullback was “overdone" with the Bud Light controversy. The analyst told clients that the pullback could provide a buying opportunity as slowdowns for Bud Light sales are likely to fade as the controversy dies down.
On Tuesday a Truist analyst pointed out that falling sales volumes for Bud Light could ripple across its supply chain. The analyst said Ball Corp. ( BALL ), which makes beer cans, may be hurt by the ad controversy.
For further details see:
Anheuser-Busch CEO responds amid Bud Light ad controversy