Remington has announced major changes in its senior leadership, including the vacation of its chairman and CEO, and of other major board members. RECOIL Web reports:
Remington Outdoor Company, once known as Freedom Group, today announced big changes to its senior leadership.
George Kollitides has stepped down as the chairman and chief executive officer. Jim Marcotuli will become ROC’s president and CEO, and will temporarily fill the role of board chairman as the company searches for a new chairman.
Other changes to the board include the appointment of James Campbell, who will become the vice chairman of the board and Jeffrey Pritchett. Stepping down from the board are Walter McLallen and James J. Pike.
ROC’s Chief Financial Officer, Ron Kolka, has also announced his retirement.
We surmise this reshuffling of the deck comes with the realization that a deep-pocketed investor is not going to appear and lift the company out of its pit of debt. The realization must be especially hard for the ROC managers and executives that joined together in 2013 to buy $150m in company debt and add another $25m to the company’s operating account.
ROC describes its new leader, Marcotuli, who was appointed to serve as co-lead director of ROC in September 2014, as an executive with 25 years of management and operations experience, most recently serving as President and CEO of North American Bus Industries (NABI). Prior to that position, Mr. Marcotuli held senior leadership roles at various companies, predominately in the aerospace and automotive industries.
Campbell, who is now the vice chairman, joined ROC as lead director in May 2012 and has focused most recently on enhancing ROC’s customer and industry relationships. He is an avid shooter and a life member of the National Rifle Association who built a 30-year career at General Electric Company where he most recently served as CEO, Appliances and Lighting, an $8 billion enterprise.
Mr. Pritchett brings financial and strategic planning expertise to the Board, most recently as a Senior Operating Executive and Head of the Finance / CFO practice within Cerberus Operating and Advisory Company. He has been advising the management and finance teams at ROC for the past few months as the company completes its search for a permanent CFO.
These changes come in the wake of Cerberus’ announcement that it would allow its investors to cash out of Remington Outdoor Company, after Cerberus failed to sell the oldest gun manufacturer in the United States. Cerberus wished to divest itself of Remington following the 2012 shootings in Connecticut.