The board of directors appointed independent director Douglas Grimm to serve as interim CEO effective October 16. While the company has initiated a search for a permanent successor, Grimm is not considered a candidate for the long-term role. The executive shuffle follows a period of mounting pressure, with the company citing supply chain disruptions and elevated operating costs as primary drivers of its underperformance.
In section Market Quotes
Fox Factory CEO Departs Amid Slashing of Annual Forecast
Fox Factory shares plummeted 23% in premarket trading Friday after the company ousted CEO Mike Dennison and issued a sharp downward revision of its annual financial guidance. The abrupt leadership change coincides with significant operational headwinds across the firm's powered vehicle and aftermarket components divisions.
Financial projections for the year have been lowered to between $1.35 billion and $1.38 billion in sales, down from the previous $1.42 billion to $1.47 billion range. Adjusted EBITDA is now expected to land between $140 million and $150 million, excluding tariff refunds. These figures reflect both the divestiture of Marucci Sports and ongoing difficulties in the aftermarket applications group, which failed to meet previous third-quarter expectations.
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