Boston Beer Company, the brewer of Twisted Tea, Truly Hard Seltzer, and Sam Adams, has announced the resignation of CEO Dave Burwick, with current lead director Michael Spillane taking over.

The company that produces Twisted Tea, Truly Hard Seltzer, and Sam Adams, the Boston Beer Company, is announcing a change at the top. Following the release of its most recent financial results, the brewer announced that CEO Dave Burwick is stepping down after six years in the role. Current lead director Michael Spillane will take over as CEO in April.

Jim Koch, the founder of Boston Beer, stated that Burwick has significantly influenced the company, particularly in the "beyond beer" market. The Boston Beer Company, which introduced its Samuel Adams Boston Lager in 1985, announced its financial results for the fourth quarter and the entire fiscal year 2023 on Tuesday.

Net revenue decreased 3.9% year over year, with a $18.1 million deficit in the fourth quarter. The company's beer portfolio and Truly Hard Seltzer saw reductions in the 2023 financial report, however these were somewhat offset by growth in Twisted Tea, Dogfish Head Canned Cocktails, Samuel Adams Non Alcoholic products, and Strong Vodka Soda.

The firm gave its Truly brand a "refresh" last year to highlight that it was made with actual fruit juice, but as consumer preferences have changed, the hard seltzer industry has evaporated.

Beer sales declined 5% across the board in 2023, and an analyst informed the media that 2024 would likely be the worst year for sales in over 20 years.