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Investing.com -- Boston Beer Company (NYSE:SAM) stock rose 2% after the company announced that founder Jim Koch will return as CEO, replacing Michael Spillane who is stepping down to focus on personal matters.
The leadership change will take effect on August 15, 2025, with Koch returning to the chief executive role he previously held from the company’s founding in 1984 until January 2001. Koch has remained chairman of the board since 1984.
Spillane, who has served as CEO for the past year and a half, will remain on the company’s board of directors as a non-executive director. He has been associated with Boston Beer for nearly a decade, initially joining as a board member in 2014 before taking on the CEO position.
"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," said Koch. "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."
Spillane cited personal matters as the reason for his departure from the executive role. "After careful reflection, I’ve decided to take a step back to focus on some important personal matters," he said in the company’s announcement.
The maker of Samuel Adams beer and Truly hard seltzer has been navigating a competitive alcoholic beverage market while working to maintain its position in the craft beer segment it helped pioneer.
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