Dutch Bros COO Brian Maxwell to transition to vice chairman role

Dutch Bros reported highlights for the quarterly and annual periods ended December 31, 2023. The company also released shop opening guidance for 2024, announced senior leadership changes that underscore its commitment to building a team to drive scale and support its long runway for growth, and announced its participation at the 2024 ICR Conference. The company opened 37 new shops in the fourth quarter of 2023, of which 32 were company-operated. The company opened 159 new shops in the full year 2023, of which 146 were company-operated. As of December 31, 2023, the Dutch Bros system consisted of 831 shops across 16 states. Total system shop openings are expected to be at least 150-165 in FY24. The company plans to welcome three new leaders in the coming months: Joshua Guenser as incoming CFO on or about February 19; Sumitro Ghosh as incoming president of operations on or about January 15 and Jess Elmquist as chief people officer on January 8. The company expects that, following these leadership transitions, longtime Dutch Bros executive Brian Maxwell, currently COO, will transition into the role of vice chairman, reporting to co-founder and executive chairman, Travis Boersma, subject to his appointment by the board of directors.