The Boston Beer Company Announces CEO Succession Plan
February 27 2024 - 3:28PM
The Boston Beer Company (NYSE: SAM) today announced leadership
changes effective April 1, 2024. Dave Burwick will retire as
President and Chief Executive Officer and member of the Board of
Directors, with Michael Spillane to assume the President and CEO
role effective upon Burwick’s retirement. Spillane is currently the
lead director of The Boston Beer Company and has been a board
member since 2016.
“I’ve known Dave for 19 years, and he’s had a tremendous impact
on our company – first as a board member and for the last six years
as our CEO,” said Boston Beer Founder and Brewer Jim Koch. “We’ve
grown from $850 million in revenue when he began as CEO to more
than $2 billion in revenue with a portfolio of powerful brands in
attractive categories today. He’s built a strong and deep
leadership team and he’s positioned the company very well for
ongoing success in 2024 and beyond.”
“I can’t thank Dave enough for his partnership with me and for
his contributions to Boston Beer over the past two decades,” Koch
added. “His steady leadership, talent, work ethic, values,
guidance, and motivation have been unwavering, and I appreciate all
he did to make Boston Beer a more successful company and a better
place to work.”
During Burwick’s tenure as CEO, Boston Beer’s revenue more than
doubled and its stock generated average annual returns of 12% – by
far the highest among U.S. beer producers. Burwick architected
Boston Beer’s vision and long-range plan to address evolving
consumer needs, helping build two billion-dollar brands in Twisted
Tea and Truly and driving Boston Beer to the #2 position in the
“beyond beer” space while strengthening the company’s ability to
compete head on with many global beverage behemoths. He also
created new-to-world partnerships with PepsiCo and Beam Suntory to
further bolster the company’s brand portfolio in emerging
categories, and he consistently modeled Boston Beer’s open,
empathetic, and learning-based culture.
“Now that our momentum is building and we’re back on track with
great plans ahead for ‘24, it’s the right time for me to move on,”
said Burwick. “I’m fortunate to have been connected to this company
for 19 years and I’m especially appreciative of the talented,
committed, and passionate people of Boston Beer – none more than
Jim – who have taught me so much about leadership and about myself.
Boston Beer has a unique and powerful culture and I’m confident the
company is in great hands to take advantage of the opportunities
ahead.”
Spillane, who joined Boston Beer’s board in 2016, has a broad
business background with extensive consumer goods experience. Over
the past 17 years, he has held senior positions at Nike, Inc., most
recently as President of Consumer Creation and prior to that as
President of Product and Merchandising. Additionally, he served as
President and CEO of subsidiaries Umbro and Converse, as well as
General Manager of Greater China. He brings deep experience in the
integration of product, brand, marketplace, supply chain, and
in-store execution. He has been Boston Beer’s lead director since
May 2023 after serving as chair of the Compensation Committee from
2016 to 2023. He also currently serves as a director at Supergoop,
a premium skin care product company.
“Michael’s strong track record as a consumer executive and his
experience on our board make him the ideal person to lead Boston
Beer as we continue to forge ahead in a rapidly evolving beer
industry,” said Koch. “Given his already extensive knowledge of our
company and our culture, we expect Michael to hit the ground
running as he steps in to help lead us into our next chapter.”
“After nearly eight years on the Boston Beer Board – and as a
native of the Boston area – I’m thrilled for the opportunity to
help advance Boston Beer’s long-term goals as we enter a new growth
phase,” said Spillane. “I am grateful for Dave’s leadership and
partnership and I’m looking forward to working with Jim and so many
other great people at Boston Beer to build on the strong foundation
and culture that Jim, Dave and all of our coworkers have built over
the course of four decades.”
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing
Samuel Adams beer and has since grown to become one of the largest
and most respected craft brewers in the United States. We
consistently offer the highest-quality products to our drinkers,
and we apply what we’ve learned from making great-tasting craft
beer to making great-tasting and innovative “beyond beer” products.
Boston Beer Company has pioneered not only craft beer but also hard
cider, hard seltzer, and hard tea. Our core brands include
household names like Angry Orchard Hard Cider, Dogfish Head, Truly
Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have
taprooms and hospitality locations in California, Delaware,
Massachusetts, New York, and Ohio. For more information, please
visit our website at www.bostonbeer.com, which includes links to
our respective brand websites.
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Dave DeCecco
Boston Beer Company
617-368-5061
dave.dececco@bostonbeer.com
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