Twists in Leadership: Boston Beer Company Names New CEO Amid Financial Results and Industry Challenges
The Boston Beer Company, producer of Twisted Tea, Truly Hard Seltzer, and Sam Adams beer, has announced a change in leadership. Following the release of its financial results for the 2023 fiscal year, the brewer stated that current CEO Dave Burwick will step down from his role of six years, effective in April. Michael Spillane, who currently serves as lead director, will assume the position of CEO at that time.
Boston Beer Company founder Jim Koch noted Burwick significantly impacted the organization, particularly in expanding beyond the beer segment. The company, which launched Samuel Adams Boston Lager in 1985, disclosed its fourth quarter and full-year 2023 financial performance on Tuesday.
Net revenue decreased 3.9% year-over-year in the fourth quarter, with an approximately $18.1 million loss. While the beer portfolio and Truly Hard Seltzer saw reductions according to the 2023 report, growth in Twisted Tea, Dogfish Head Canned Cocktails, Samuel Adams non-alcoholic offerings, and Strong Vodka Soda helped to partially offset decreases.
The firm revamped its Truly brand last year to emphasize use of actual fruit juice, but shifting consumer preferences have led to declines across the hard seltzer industry. Beer sales dropped 5% overall in 2023, and an analyst stated 2024 is likely to be the worst year for sales in over two decades.
