The CEO of the beer giant BrewDog has stepped down just three months after the company folded and was bought by the US cannabis giant Tilray Brands for £33million.
James Taylor was appointed head of the Scottish brewing company in March last year after a stint as the chief financial officer since November 2023.
He is the third CEO to step down in just over two years after BrewDog founder James Watt and his successor James Arrow both departed within a year of each other.
The company, founded in 2007, is understood not to be seeking a direct replacement for Mr Taylor as the brewer now sits under international marijuana giant Tilray Brands, led by Rajnish Ohri.
BrewDog was sold in a pre-pack administration deal to Tilray for £33million after the business collapsed in March. Tilray now says it has a ‘clear path’ to rebuild the firm into a $1bn-plus brand.
The beer chain has bled money for years, losing £59million in 2023 and £30.5million in 2022.
Last October, the company announced job cuts after posting a £37million loss, while nearly 2,000 pubs across Britain have stopped selling its beer in the last two years.
The business left £20million in unpaid bills to nearly 500 firms when it folded, and owed £553.8million at the point of its sale to Tilray.
The company stopped producing any of its spirits in the fallout to focus on its beer brands, including the highly popular Punk IPA.
James Taylor has stepped down as BrewDog CEO less than three months after the £33million takeover by cannabis giant Tilray Brands
Mr Taylor is the third CEO to step down in just over two years after controversial founder James Watt resigned in May 2024
The takeover by Tilray came after weeks of speculation, following the appointment of restructuring firm AlixPartners in February.
Since buying BrewDog, Tilray has invested around £50million into the business to re-establish supply chains and the workforce, CEO Irwin Simon said earlier this week.
The bar estate is also due to be deep cleaned and given a maintenance overhaul by its new owners.
Mr Simon told the Times: ‘It’s four months into it and I am really happy we acquired this.
‘It’s a phenomenal brand, phenomenal assets, phenomenal opportunities. We probably put another £50m back into this business from a cash flow and an investment standpoint.
‘We were the ones funding payroll and inventories, ingredients and stuff like that. It’s in a good place but there’s still a lot of work to do.’
On Mr Taylor’s departure, a BrewDog spokesperson told The Grocer: ‘James successfully led BrewDog through its ownership transition. We thank him for his contributions and wish him every success in the future.’
BrewDog rose to prominence in the mid 2010s on a wave of demand for independent beers and hoppy IPAs, led by its outspoken CEO James Watt, who co-founded the firm with Martin Dickie.
Mr Watt married Made In Chelsea media personality Georgia Toffolo last year and has become a frequent critic of the Labour government on LinkedIn.
James Watt married Made In Chelsea star Georgia ‘Toff’ Toffolo last year. He was the subject of controversy after employees accused him of creating a ‘culture of fear’ at the company
But fortunes turned when staff reported being unhappy working at the company and Mr Watt’s tenure was a subject of controversy with former workers accusing him of creating a ‘culture of fear’ within the business, with ‘toxic attitudes’ towards junior staff.
BrewDog apologised and promised to ‘listen, learn and act’.
Mr Watt later admitted to being ‘too intense and demanding’ amid a workplace culture row where he was accused of inappropriate behaviour and abusing his power.
He later stood down as chief executive officer and moved to becoming ‘captain and co-founder’.
