Anheuser-Busch Net Income Rises 16%

Anheuser-Busch Cos., the world’s largest brewer, named its first chief executive in 142 years who was neither an Anheuser nor a Busch.

The maker of Budweiser and Bud Light promoted Patrick Stokes, 59, who currently runs the company’s U.S. beer business, its largest operation, to president and chief executive, effective July 1. He will replace August Busch III, who will remain chairman and who turns 65 in June.

The firm also said first-quarter profit rose 16% to $456.1million, or 51 cents a share. Sales rose 3% to $3.14 billion.

Shares of the St. Louis-based brewer fell $1.32 to $51.70 on the NYSE.