Several directors on the Pyramid Breweries board have resigned following confirmation of the firm's takeover by fellow craft brewer Magic Hat earlier this week.

Pyramid announced yesterday (5 August) that the outgoing directors were Scott Barnum, Jurgen Auerbach, Kurt Dammeier, David Rostov and Scott Svenson.

Magic Hat, a subsidiary of Independent Brewers United, announced on Monday it had completed a deal to acquire Pyramid, which has breweries in California and Oregon, for US$2.75 per share.

The group has moved quickly to install its own people. Current Magic Hat president and CEO Martin Kelly, who was president of Pyramid between 1999 and 2004, will take up the same role at Pyramid. Eric Peterson was appointed the chief financial officer.  

Kelly said: "We thank all of the outgoing officers and directors for their dedication and success in leading Pyramid over the past several years."

As a result of the purchase, Pyramid's shares will be delisted from The Nasdaq Global Select Market on or about 16 August.