The Boston Beer Company, Inc. (NYSE: SAM) announced that Martin Roper, President and Chief Executive Officer, plans to retire in 2018 after leading the Company for more than 17 years. The Board of Directors has created a search committee and retained Korn Ferry to assist in identifying and evaluating the best candidates to succeed Roper as CEO.
In announcing his planned retirement, Roper said, "I have advised the Board of Directors of my intentions a year in advance to assure a very smooth transition and a full and thorough search process for my replacement. I remain fully engaged and committed to leading the business as CEO until a successor is found and a seamless transition is completed. I am incredibly proud of everything that the employees of Boston Beer have accomplished and believe our future is very bright."
Commenting on the announcement, Jim Koch, Founder and Chairman, said, "The Board has been discussing Martin's plans for over a year. We are appreciative that his continued commitment to Boston Beer affords us the time to conduct a comprehensive search for his successor, while continuing to make progress against our 2017 business objectives."
"Our performance under Martin's stewardship has been incredible, and I am very grateful for his leadership, partnership and friendship over the last 22 years, during which the Company has grown eight fold," Koch added. "With the strong leadership team he has built, we are set up for success, and I am confident we will find a very capable CEO to steps into his big shoes and lead Boston Beer into the future."