The Boston Beer Company, Inc. announced that David A. Burwick, President, has decided to step down from his position and as a member of the Company?s Board of Directors, effective March 31, 2024. Mr. Burwick has led the Company as CEO since April 2018 and has served on the Board since May 2005. Mr. Burwick will remain in an advisory role with the Company through March 31, 2026.

Mr. Burwick will be succeeded as President by Michael Spillane, who has been a member of the Company?s Board of Directors since 2016, as a Class A Director, and was appointed Lead Director in 2023. As the Company?s President and CEO, Mr. Spillane will also serve as President of each of the Company?s subsidiaries. Mr. Spillane will continue to serve on the Board and will stand for reelection at the Company?s 2024 Annual Meeting.

He will join the Company as a senior advisor and an employee on March 4, 2024 (his ?Start Date?) and assume the position of President on April 1, 2024. On his Start Date, Mr. Spillane will step down from his positions as Lead Director and on the Compensation Committee and Nominating/Governance Committee of the Company?s Board of Directors, as only independent directors may serve as Lead Director and on the Board?s standing committees. He will be succeeded as Lead Director on an interim basis by Meghan V. Joyce and on the Compensation Committee by Jean-Michel Valette effective April 1, 2024.

Mr. Spillane?s position on the Nominating/Governance Committee will remain vacant until a successor is identified.