Jim Koch, founder of Boston Beer Company has famously said many times that his succession plan was “not to die.” Now is has a backup plan. Although he said he has no plans to retire imminently, he has announced that his longtime wife Cynthia Fisher will inherit his controlling stock in the brewery.
Koch, 75, disclosed his intention in an interview with the Wall Street Journal. He is the sole owner of the company’s Class B Common Stock which affords him near-total voting control at the company including executive compensation and the makeup of the board of directors. His stock ownership makes up 18.8 percent of the company’s stock, with a value of about $680 million.
The couple have been married for 30 years.
Fisher, who is 63, is an entrepreneur and corporate board director. She was a pioneer in the stem cell industry, founding the cord blood stem cell banking company ViaCord, Inc. and founded PatientRightsAdvocate.org, a nonprofit focused on health care transparency, and Fitmoney.org, which provides students with financial literacy education.
She has sat on the board of Boston Beer Company since 2012.