SAM - Boston Beer finance chief Frank Smalla to depart
2023-03-08 06:56:46 ET
- Boston Beer Company ( NYSE: SAM ) has disclosed the departure of its treasurer and chief financial officer Frank Smalla.
- Smalla will remain at the company until mid-April 2023, after which he will join a KKR-backed private equity company as chief financial and operating officer.
- A formal search process has been launched to find Smalla’s permanent replacement. The company has appointed Matthew Murphy, currently serving as chief accounting officer, as interim treasurer and CFO until such time.
- In other news, Boston Beer ( SAM ) entered into a 10b5-1 plan on March 6, 2023 to repurchase up to $25M of its Class A Common Stock during the period commencing April 3, 2023 and ending June 30, 2023.
- The purpose of this plan is to provide liquidity and investment diversification.
- "While SAM maintains a healthy balance sheet, gross margins are declining, and top brands are unpopular amongst consumers," said SA columnist A. Vandendael in a recent analysis on the stock
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Boston Beer finance chief Frank Smalla to depart