Earlier this October, the Boston Beer Company (SAM) announced the appointment of Michael Lynton (B+) and Sam Calagione to its board.
Lynton previous worked as CEO at Sony Entertainment and the Penguin Group, and was president of Time Warner International. He currently serves as chairman of the board of Snap Inc, the owner of Snapchat. In addition to Boston Beer and Snap, Lynton serves on the boards of Ares Management, Schrödinger, and Warner Music Group. Lynton will be replacing director David P. Fialkow, a venture capital managing director who resigned earlier this year.
Calagione is the founder of Dogfish Head Brewery, which was acquired by Boston Beer in July 2019 for $300mm. It was decided Calagione would join the board in April 2020, but only once an independent replacement for the aforementioned Fialkow was found.
Lynton and Calagione make the Boston Beer board 9 strong. Both being men, gender diversity is brought down to 22%, below the peer average of 30%. As full time employee of the company, Calagione joins CEO David A. Burwick as the only non-independent directors.
As seen by the below graphic, Boston Beer’s board is stacked with high performers who have succeeded as directors in a variety of different industries. Additionally, Boston Beer founder James “Jim” Koch still remains very involved with the company as chairman of the board.
2020 has been fantastic for the Boston Brewing Company, as the success of companies like Truly’s Hard Lemonade have boosted sales and stock price accordingly. Shareholders will be hoping Lynton and Calagione can extend happy hour for the for beverage maker.
Note: Letter grades represent proprietary Boardroom Alpha ratings that assess the individual’s track record as a director or officer across their career.