Heineken shares dropped 2% after the brewer announced CEO Dolf van den Brink will step down on May 31. Van den Brink, who spent nearly six years at the helm and 28 years with the company, is departing after a period of weak stock performance. RBC Capital Markets data shows Heineken delivered negative 9% total shareholder return since his 2020 appointment.

That pales in comparison to Anheuser-Busch InBev's 36% gain and the MSCI European consumer staples sector's 22% rise. RBC analysts described the leadership change sentiment as positive, noting execution has lagged behind strategy despite sound plans for return on invested capital. Van den Brink stated the timing allows the company to transition after completing its transformation phase.

He will stay on as an advisor for eight months. Chairman Peter Wennink confirmed the Supervisory Board has begun searching for a successor. Investors now watch for a new leader to reverse the stock's underperformance against key rivals.