Pyramid Breweries is on the hunt for a new CEO following today's announcement that Martin Kelly is stepping down. The company has appointed Pyramid founder and director George Hancock as non-executive chairman, the other position Kelly held.

Hancock was formerly chairman of the board and served as CEO from 1992 through 1999.

In a statement, Hancock said: "I want to pay tribute to the contribution that Martin Kelly has made to Pyramid Breweries first as president and chief operating officer, and subsequently as chairman and chief executive officer.

"During his tenure, Martin has led the growth of the company through the expansion of the Alehouse Division and the pending acquisition of the Portland Brewing Company," added Hancock.

Until a successor CEO has been named, Hancock will oversee the company's day-to-day operations.

Earlier this month, Pyramid announced a slight rise in net revenue for Q4 but an increase in net losses. Net revenue for the quarter to 31 December 2003 increased by 1.5% year-on-year, to $8.3m. Net loss for the quarter was $962,000 compared to a net loss of $37,000 for the fourth quarter of 2002.