Boston Beer Company CEO Dave Burwick will step down and retire from the company’s board of directors, effective April 1. Michael Spillane, a Nike executive and lead director on Boston Beer’s board of directors, will supplant him.
Boston Beer Company’s shipments and depletions declined -6.2% and -6%, respectively, in 2023, the company reported today in its full-year and fourth-quarter earnings report.
All of Boston Beer Company’s named executive officers (NEO) except for CEO Dave Burwick will receive salary raises in 2024, according to a U.S. Securities and Exchange Commision (SEC) Form 8-K filed on February 16.
A lawsuit filed by Boston Beer against a former employee alleging that he violated a non-compete agreement by working for a competitor has been dismissed. The complaint was “dismissed with prejudice as to as to all claims against Brian Soudant, without costs and fees and without right of appeal,” according to a document filed February 9 in the Massachusetts Superior Court for Suffolk County.
Two former sales representatives have challenged Boston Beer’s non-compete clause in separate lawsuits in U.S. District Court, with one calling the policy “unreasonable, unconscionable and unenforceable under Massachusetts law.”
The convenience channel remains a bright spot for beer as the category tackles declines elsewhere, and growth in the channel is expected to continue through 2024, Goldman Sachs analysts reported in the company’s latest Bev Bytes retailer survey.
The fallout surrounding the conservative-led boycott of Anheuser-Busch’s (A-B) Bud Light brand and the accelerated declines that ensued accounted for three of Brewbound’s top stories of 2023. The internal machinations at A-B, including a reshuffling of its craft division, also piqued Brewbound readers’ interests. As we close out the year, here’s a look back at the 10 most-read stories of 2023.
Boston Beer Company is adding another non-alcoholic (NA) brand to its portfolio, expanding a ready-to-drink (RTD) offering and discontinuing another.
Boston Beer Company executives made “inactionable statement[s] of corporate optimism” about sales of Truly Hard Seltzer during its Q1 and Q2 earnings calls in 2021, negating a lawsuit and subsequent appeal filed by investors who alleged the company misled them about the brand and company’s performance. A panel of three Second Circuit judges upheld the… Read more »
New Belgium’s Voodoo Ranger Imperial IPA (Voodoo Ranger) is now the No. 1 craft beer by dollar sales in the convenience channel, passing Molson Coors’ Blue Moon Belgian White (Blue Moon), according to data firm Circana’s monthly beer report. Voodoo Ranger has increased c-store dollar sales +14.8%, to more than $81 million year-to-date (YTD), ending November 5. The IPA now has 5.84% share of total craft beer dollar sales in the channel.
Boston Beer Company has the No. 1 share of the hard tea segment with Twisted Tea, the more than 20-year-old flavored malt beverage brand that continues to record exponential growth in scans.
Dogfish Head will be going back to the future in 2024 with a refreshed logo that pays homage to its nearly two-decades old logo, marketing director Jennie Baver shared during Boston Beer’s national sales meeting last week. The company will also roll out 4-packs of 12% ABV rum, tequila and vodka canned cocktails.
Incremental innovation and clear brand identity were running themes throughout Boston Beer’s presentation to wholesalers in Los Angeles last week. Boston Beer shared an edited recording of the meeting with Brewbound this week.
As a response to the instability in segments of the beer industry, Boston Beer Company has adjusted both its financial guidance and its approach to innovation, executives shared yesterday during the company’s third-quarter earnings conference call.
Boston Beer Company has updated its full-year guidance following its Q3 earnings results, with slightly more pessimistic expectations for the year.
