BOSTON, Jan. 25, 2016 /PRNewswire/ -- The Boston
Beer Company, Inc. (NYSE: SAM) (the "Company"), brewers of Samuel
Adams beers, announced today that Director Pearson "Pete" C.
Cummin, III will retire from the Board of Directors of the Company
following the close of the next regular meeting of the Board,
scheduled for February 10,
2016.
Mr. Cummin, 73, has been a Director of the Company since its
initial public offering in 1995, having served as the Chair of the
Audit Committee from May 1996 to
May 2013, Chair of the Compensation
Committee since May 2013, and a
member of the Compensation Committee since May 1997. Prior to
the initial public offering, he was an investor through the 1987
investment in the Company by Consumer Venture Partners, a
Connecticut-based venture capital
firm, and served on the Company's Advisory Committee beginning in
1993.
Mr. Cummin is an experienced investor and venture capitalist
with extensive experience in finance, corporate governance, and
executive compensation matters. He is currently the Managing
Member of Grey Fox Associates, LLC, a private investment company
headquartered in Greenwich,
Connecticut. He served as the Secretary and Treasurer of the
American Diabetes Association in 2012. Mr. Cummin also served
as a Director of Pacific Sunwear of California, Inc., a California-based specialty apparel retailer,
from 1988 through March 2010. From 1988 through 2002, he
served as Managing General Partner of Consumer Venture Partners.
He has an MBA from Harvard Business
School.
Jim Koch, Founder and Chairman of
the Company, said, "On behalf of Boston Beer and my fellow Board
members, I want to thank Pete for his dedication, vision, and
contributions to the Company virtually since its inception.
Pete has helped guide Boston Beer through significant periods of
change, from our days as a fledgling startup, to our initial public
offering, and through several periods of tremendous growth. While
his presence on the Board will be sorely missed, we respect his
decision to retire and wish him the very best."
Mr. Cummin said, "It has been my privilege to serve Boston Beer
and its shareholders. While I will miss serving on the Board, I
believe the time is right for me to retire. Taking into account the
Company's strategic long-term plans, its hard-working executives
and employees, and its commitment to quality, I am confident that
Boston Beer has a bright future."
About The Boston Beer Company, Inc.
The Boston Beer Company, Inc. began in 1984 and today brews more
than 60 styles of Samuel Adams beer. Our portfolio of brands
also includes Angry Orchard Hard Cider and Twisted Tea, as well as
several other craft beer brands brewed by Alchemy & Science,
our craft beer incubator. For more information, please visit
our investor relations website at www.bostonbeer.com, which
includes links to all of our respective brand websites.
Forward-Looking Statements
Statements made in this press release that state the Company's
or management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. It is
important to note that the Company's actual results could differ
materially from those projected in such forward-looking statements.
Additional information concerning factors that could cause actual
results to differ materially from those in the forward-looking
statements is contained from time to time in the Company's SEC
filings.
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SOURCE The Boston Beer Company, Inc.