Four years ago, Dave Burwick was named CEO of The Boston Beer Company to lead the company through its next phase of growth. Revenues in the year (2017) prior to taking the helm were roughly $900M and the stock was hovering around $200. Within 3 years, sales doubled and the stock price had increased almost 7-fold to $1,350! Although growth continues, in part fueled by diversification into “beyond beer” products, shares now trade at just over $400 as the company deals with multiple pandemic-related challenges.
Sales to bars, restaurants, sporting arenas and other hospitality, historically about 11% of revenues, literally dried up. Perishability drove up inventory obsolescence then destruction costs. Supply-chain delays impacted just-in-time processes, designed for freshness, and drove up materials, warehousing and distribution costs. Labor and safety-related costs rose at their breweries. Virtually no part of the business has been spared.
Join us to hear how Dave and his team successfully navigated the challenges of a business turned upside down. He will share the difficult situations faced, decisions made, lessons learned and talk about agility and resilience. Will The Boston Beer Company emerge from the pandemic stronger than before as a result of changes made over the past 2 years? Which changes will be temporary and which will be “the new normal?”
Participants must register by NOON on February 27th to receive details on joining the discussion. The Zoom link will be sent out 24 hours before the event.
Please note that no refunds will be issued.
President and Chief Executive Officer of Boston Beer
David Burwick was appointed President and Chief Executive Officer of Boston Beer in April 2018. Prior to that, he served as President and Chief Executive Officer of Peet’s Coffee & Tea, Inc., a specialty coffee and tea company based in Emeryville, California, since December 2012. From April 2010 to December 2012, Burwick served as President, North America of WW International, Inc., formerly Weight Watchers International, Inc. (NYSE: WW), a leading provider of weight management services based in New York City. Prior to that, Burwick held numerous positions with PepsiCo, Inc. (NASDAQ: PEP), headquartered in Purchase, New York, including Chief Marketing Officer, PepsiCo Americas Beverages from August 2008 to August 2009; Executive Vice President, Marketing, Sales and R&D, PepsiCo International from April 2008 to July 2008; President, Pepsi-QTG Canada from January 2006 to March 2008; Chief Marketing Officer, Pepsi-Cola North America from June 2002 to December 2005; and various marketing roles from 1989 to 2002. Burwick has also served on Boston Beer’s Board of Directors since May 2005. He is a graduate of Middlebury College and Harvard Business School.
Partner, Vici Partners
Lance Stuart is a partner at Vici Partners. He has over 30 years of consulting and operating experience, principally in the U.S., Japan and China. Clients span industries from cosmetics and consumer electronics to software, chemicals, insurance, airlines and telecoms. He has been an investor, co-founder, CEO, COO and board member of several companies in the U.S. and Asia. He began his career as a management consultant with McKinsey & Company in New York then transferred to Tokyo.
Lance earned a B.S. in economics and marketing, cum laude, from Boston College and an MBA from Harvard Business School (’78), where he was awarded two academic scholarships. He was raised in Tokyo and is an active volunteer in several non-profit organizations including the Harvard Business School Club of NY, the Harvard Business School Association of Orange County and as a Council Member on the U.S.-Japan Council.
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