05 July, 2006

USA: Pyramid Breweries CEO John Lennon resigns, Scott Barnum named successor

Pyramid Breweries Inc. said July 03 John Lennon resigned as chief executive officer and president, and Scott Barnum will replace him with immediate effect, Reuters communicated June 03.

The brewing company said Barnum is currently a member of its board. Lennon resigned to pursue other business interests, the company said in its statement.

Pyramid Breweries crafts over 20 different styles of English inspired ales and traditional German inspired wheat beers and lagers, as well as six different old-fashioned sodas.

Pyramid Breweries Inc. announced March 09 the strongest fourth quarter sales performance in Pyramid’s history. Gross sales revenue for the quarter ended December 31, 2005 was $12.4 million, representing overall growth of 11%, or $1.2 million, as compared to the fourth quarter a year ago, driven primarily by sales growth of 19% in the core Pyramid Brand Family. Net loss for the quarter improved 64% to $531,000 or ($0.06) per share, compared to $1.5 million or ($0.17) per share a year ago.

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