BOSTON - The Boston Beer Company (NYSE: NYSE:SAM) announced today that its President and Chief Executive Officer, Dave Burwick, will retire on April 1, 2024. Michael Spillane is set to take over the leadership roles as Burwick steps down. Spillane, currently the lead director of the company and a board member since 2016, will assume the positions of President and CEO.
Burwick has been credited with significantly impacting the company's growth, overseeing a revenue increase from $850 million to more than $2 billion during his tenure as CEO. Under his leadership, Boston Beer has seen its stock generate average annual returns of 12%, a notable achievement in the U.S. beer industry. The company also launched two billion-dollar brands, Twisted Tea and Truly, and secured strategic partnerships with PepsiCo (NASDAQ:PEP) and Beam Suntory.
Jim Koch, the founder of Boston Beer, praised Burwick for his contributions, highlighting his role in building a strong leadership team and positioning the company for continued success. He also commended Burwick's dedication to fostering the company's culture and his efforts in expanding Boston Beer's brand portfolio.
Spillane brings to his new role a wealth of experience from his time at Nike (NYSE:NKE), Inc., where he held several senior positions, including President of Consumer Creation. His background in consumer goods and his understanding of the integration of product, brand, marketplace, supply chain, and in-store execution are expected to be valuable as he leads Boston Beer into its next growth phase.
Koch expressed confidence in Spillane's ability to lead the company effectively, given his extensive knowledge of Boston Beer's operations and culture. Spillane himself expressed enthusiasm for the opportunity to advance the company's long-term goals and to build upon the strong foundation laid by his predecessors.
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