Boston Beer Company announces CEO change as latest financial report is released
BOSTON - The Boston Beer Company, which makes Sam Adams, Truly Hard Seltzer and Twisted Tea, is announcing a change at the top. The brewer said after releasing its latest financial results that CEO Dave Burwick is retiring after six years at the helm and will be replaced by current lead director Michael Spillane in April.
Boston Beer founder Jim Koch said Burwick has "had a tremendous impact on our company," especially when it comes to the "beyond beer" category.
"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," Koch said in a statement. "He's built a strong and deep leadership team and he's positioned the company very well for ongoing success in 2024 and beyond."
Boston Beer Company financial results
Boston Beer Company, which debuted its Samuel Adams Boston Lager in 1985, released its fourth quarter and full fiscal year 2023 financial results on Tuesday.
For the year, net revenue was down 3.9%, with an $18.1 million loss in the fourth quarter.
The financial report for 2023 also cited "declines in Truly Hard Seltzer and the Company's beer portfolio which were partially offset by strong growth in Twisted Tea and growth in Truly Vodka Soda, Dogfish Head Canned Cocktails, and Samuel Adams Non Alcoholic offerings."
The company gave its Truly brand a "refresh" last year to emphasize it was made with real fruit juice, but the hard seltzer market has fizzled as consumers' tastes change.
Industry-wide, beer sales fell 5% in 2023 and 2024 was expected to be the worst year of sales in more than two decades, an analyst told CBS News.
Boston Beer Company's new CEO
Koch said Spillane is the "ideal person to lead Boston Beer as we continue to forge ahead in a rapidly evolving beer industry." The Boston-area native has been on the company board for eight years and held senior positions at Nike. He's also a director at skin product company Supergoop.
"I'm thrilled for the opportunity to help advance Boston Beer's long-term goals as we enter a new growth phase," Spillane said.
