Boston Beer CEO Michael Spillane steps down; founder Jim Koch reassumes CEO role

BOSTON BEER CO INC

Michael Spillane resigns as President and CEO effective August 15, 2025 for personal reasons; no disagreement with company.
Founder and Chairman Jim Koch reassumes President and CEO role on August 16, 2025; remains Chairman.
Spillane stays on non-independent board through 2026 annual meeting; receives $905k annual salary through Nov 15, 2025.
Spillane transitions to advisory role from Nov 16, 2025 to Mar 31, 2026 at $10k per quarter; prior equity grants continue vesting.
Outgoing CEO's 2025 bonus depends on company results; compensation committee to determine in Feb 2026.

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