BOSTON — Boston Beer has announced a major change at the top of the company after reporting a loss of $18.1 million over three months leading up to the end of 2023.
David A. Burwick, President and Chief Executive Officer of Boston Beer Company, has decided to step down from his position, documents showed. His departure will be effective as of March 31, 2024.
The major change comes after Boston Beer Company reported its fourth-quarter and full-year financials for 2023. The company reported a loss of $18.1 million for the three months from October to December 2023.
The report also indicated that Boston Beer Company’s net revenue of $393.7 million decreased 12 percent compared to the prior year.
Burwick has led Boston Beer as CEO since April 2018 and has served on the company’s board of directors since May 2005. He will remain in an advisory role through 2026.
Boston Beer Company said that Burwick will be succeeded as president and CEO by Michael Spillane, who has been a member of the company’s board of directors since 2016. He was appointed as lead director in 2023.
As the company’s president and CEO, Spillane will also serve as president of each of the company’s subsidiaries.
Brands including Sam Adams, Truly, Twisted Tea, Dogfish Head, and Angry Orchard are part of the Boston Beer Company family.
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