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The Way I Heard It with Mike Rowe

424: Anson Frericks—Last Call for Bud Light

The Way I Heard It with Mike Rowe

The Way I Heard It with Mike Rowe

Society & Culture, History

4.839.1K Ratings

🗓️ 4 February 2025

⏱️ 83 minutes

🧾️ Download transcript

Summary

As President of Anheuser-Busch Sales and Distribution, Anson had a front-row seat to witness how and why Bud Light lost its position as the most popular beer in America (as well as $30 billion in market cap) by changing its focus from shareholder profits to stakeholder capitalism and partnering with Dylan Mulvaney. His new book, Last Call for Bud Light: The Fall and Future of America’s Favorite Beer is out today.

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Transcript

Click on a timestamp to play from that location

0:00.0

Well, when you get a title it works, you stick with it. And the title of the book we're going

0:07.3

to be discussing today is Last Call for Bud Light, which means it's also the title of this episode,

0:12.6

because honestly, man, I've kind of enjoyed in a perverse way. And I shouldn't say that out loud,

0:20.3

but I've kind of enjoyed the unraveling of this brand.

0:24.3

Because I think it had to happen, to be honest. Are you rooting for it to come back? Yes. I'm absolutely

0:30.4

rooting for Bud Light to recover. But when we, for the last couple of years, have been talking about

0:36.4

the necessity for things to go splat, you know, in so many different ways, this is what I was talking about with regard to this whole strange bull you base of ESG and DEI and sort of corporate virtue signaling and this awful migration from shareholder capitalism to

1:01.0

stakeholder capitalism. And our guest today has written a book that just addresses all of it.

1:07.9

Basically, the conversation you're about to hear with Anson Frerex, by the way,

1:12.4

is an awful lot of fun. Well, it was an awful lot of fun to have. You listened mostly.

1:18.3

Did you have an awful lot of fun listening? Yeah, I thought it was really good. I mean,

1:21.4

he told a story. I thought he was a very good storyteller, and he told the story chronologically

1:26.9

of the rise and fall of Bud Light.

1:30.0

And the things that precipitated it.

1:33.3

Oh, totally.

1:34.1

Yeah.

1:34.7

So Anson was a major executive.

1:37.7

He was the president of Anheuser-Busch's Sales and Distribution Company.

1:42.6

Right.

1:43.0

So he had a front row seat to everything that led up to the whole Dylan Mulvaney.

1:48.7

Crazy miscalculation from a marketing standpoint.

1:53.8

And this conversation mostly is an attempt to answer the question, how in the world could so many otherwise smart, experienced people make such a colossal error?

...

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