1 Million Loss

Boston Beer Company has announced a significant change in leadership as David A. Burwick, the President and Chief Executive Officer, has decided to step down from his position. This decision comes after the company reported a loss of $18.1 million over the three months leading up to the end of 2023. Burwick, who has been at the helm of Boston Beer since April 2018, will officially depart on March 31, 2024, but will continue in an advisory role through 2026.

Following Burwick's departure, Michael Spillane, a member of Boston Beer Company's board of directors since 2016, will take over as the new President and CEO. Spillane was appointed as lead director in 2023 and will also serve as president of each of the company's subsidiaries.

The company's financial report for the fourth quarter and full year of 2023 indicated a decrease in net revenue, with $393.7 million reported, a 12 percent decline compared to the prior year. Despite the challenges faced, brands like Sam Adams, Truly, Twisted Tea, Dogfish Head, and Angry Orchard remain part of the Boston Beer Company family.

This leadership transition marks a significant development for one of the leading beverage companies, and stakeholders will be closely monitoring the company's performance under the guidance of the new President and CEO, Michael Spillane.