Boston Beer president CEO Michael Spillane is ending his leadership role with the company after just over a year, according to an 8-K filing submitted today (Friday, August 1) to the U.S. Securities and Exchange Commission.
Spillane “decided to step down from his position,” effective August 15. He will remain with the company in an advisory role until March 31, 2026.
Spillane’s decision to leave “was for personal reasons and not due to any disagreements with the company,” according to the filing.
Boston Beer founder and chairman Jim Koch will take over the role of president and CEO, while maintaining his board responsibilities. Koch last served as CEO in 2001.
“After careful reflection, I’ve decided to take a step back to focus on some important personal matters,” Spillane said in a press release. “Since joining Boston Beer, I’ve seen the company revolutionize the craft beer and flavored malt beverage categories. It’s an amazing company with a great future and I look forward to contributing to its success from my seat on the board. I’d like to thank Jim, the board, the executive team, and all of Boston Beer’s coworkers for their friendship and support.”
Spillane will remain a salaried employee for the company until November 15, 2025, maintaining his annual salary of $905,000. Afterwards and until his complete departure on March 31, he will be paid $10,000 per quarter.
“Michael has been with Boston Beer for nearly 10 years, first as a board member and most recently as CEO for the past year and a half,” Koch said in the release. “He’s given us a steady leadership hand during a dynamic time for our industry, and under his guidance, we delivered one of our most profitable quarters in many years in the second quarter.
“I appreciate everything Michael has done for us, and we’re thrilled he’s going to continue to help shape our strategy as a member of our board of directors. I am confident in the strength of our management team and Boston Beer’s strategic direction and remain committed to delivering long-term value for shareholders.”
Boston Beer’s lead executive role has now changed three times since the 2018 retirement of Martin Roper, who had served as Boston Beer’s CEO for 17 years.
Spillane succeeded Dave Burwick as CEO in April 2024 after a six-year tenure. Spillane, a Nike executive, was the lead director on Boston Beer’s board of directors. He is still a member of the board, and could still seek reelection if nominated during the company’s 2026 Annual Meeting, according to the 8-K filing.
Burwick, also a former long-time Boston Beer board executive, was appointed as Roper’s successor in 2018. Prior to taking the top role at Boston Beer, Burwick was the CEO of Peet’s Coffee and served as president of WW International Inc. (formerly Weight Watchers) and CMO of PepsiCo.
After retiring from Boston Beer, Burwick took over as CEO of Spindrift Beverage Co. in February.
No mention of a potential leadership change was made last week during Boston Beer’s Q2 earnings call with investors and analysts. The company posted a down quarter, with depletions (sales to retailers) falling 5% year-over-year (YoY) and shipments (sales to wholesalers) declining 0.8%.
Through the first half of fiscal year 2025 (H1), Boston Beer’s shipments have declined 1.7%, while depletions are down 3%. H1 net revenue increased 3.6%, to $1.042 billion, while net income increased 30.7%, to $84.8 million (+$19.9 million).