By Kelly Cloonan
Shares of Boston Beer climbed after the company said founder Jim Koch is returning to the role of chief executive officer.
The stock rose 4.7% to $219.43 on Monday. Shares are down 27% this year.
The brewer said after the market close on Friday that current CEO Michael Spillane will step down from the role Aug. 15 due to personal reasons. He will remain on the board as a nonexecutive director.
Koch, chairman, previously held the CEO role from the company's founding in 1984 until 2001. Boston Beer hasn't yet engaged a search firm to fill the CEO position, and Koch expects to remain in the role until a successor is ready, he said in an interview.
The C-suite shakeup comes as the Samuel Adams and Twisted Tea maker comes under pressure from lower demand for beer and tighter consumer spending.
In the latest quarter, the amount of product sold to consumers, known as depletions, fell 5% from a year earlier, driven in part by poor weather. Products delivered to wholesalers, known as shipments, fell about 1% and the brewer expects steeper declines this year.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
August 04, 2025 14:30 ET (18:30 GMT)
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