The Redhook Ale Brewery has announced that company CFO and COO David J. Mickelson has been handed the role of President at the company. Former president and CEO Paul S. Shipman is to continue to serve as chief executive, as well as chairman of the board.
Mickelson has served as Chief Financial Officer in addition to his position of Executive Vice President from August 2000 through November 2005 . From March 1995 to November 2005, Mickelson also served as the Company’s Chief Operating Officer. From April 1994 to March 1995, he was the Company’s Vice President and General Manager and from July 1992 to December 1994, he served as its Chief Financial Officer, and was also named General Manager in January 1994.
The microbrewer’s board has also accelerated the vesting of all of its unvested stock options. As a result, options to acquire roughly 137,000 common shares, or 16% of the total outstanding options, will become exercisable on December 30th.
Redhook said it did not expect the modification to have a material impact on its results for 2005.
The company stated in its third quarter financial report that shipments increased 7.9% to 61,600 barrels compared to 2004 third quarter shipments of 57,100 barrels, but the company had a net loss of $170,000, or $0.02 loss per share, compared to the same period last year.