Dave Burwick, CEO and president of Boston Beer Company has announced his retirement as of April 1st. He will continue to serve in an advisory role with the company through March 2026. The news comes after the company released its fourth quarter financial results which show shipments down by 6.2% for the full year 2023.
Burwick will be replaced by lead board director Michael Spillane.
Spillane has served on Boston Beer’s board of directors since 2016 and has previously been in executive positions at Nike, Converse, and Umbro.
The announcement comes just after Boston Beer released its 4th quarter financial and full-year 2023 results. For the year, net revenue was down 3.9%, with an $18.1 million loss in the fourth quarter. In the 4th quarter, depletions decreased by 9% and shipments were down 12.2%. Shipments were down 6.2% for the full year.
“After nearly eight years on the Boston Beer Board – and as a native of the Boston area – I’m thrilled for the opportunity to help advance Boston Beer’s long-term goals as we enter a new growth phase,” Spillane said in a company release.
Burwick has served on the Boston Beer’s Board of Directors since May 2005 and was appointed President and Chief Executive Officer in April 2018. Prior to that, he served as President and Chief Executive Officer of Peet’s Coffee & Tea, Inc.
See the full financial results here.