(This story was updated on 4/13/2023.)
Vista Outdoor announced Thursday morning that CEO Chris Metz has stepped down after the board of directors lost confidence in his leadership.
The company appointed board member Gary McArthur to succeed him on an interim basis.
Vista, which owns three dozen outdoor and sporting goods brands including Fox, Bell, Giro, and CamelBak, is in the midst of splitting into two companies: one focused on the outdoors and the other on sporting products.
“Vista Outdoor has a clear strategic path and we remain on track to complete the separation of our Outdoor and Sporting Products segments in calendar year 2023,” Chairman Michael Callahan said in a statement. “We remain confident that the separation will create two market-leading companies with enhanced strategic focus, additional resources, tailored capital allocation priorities and expanded strategic opportunities.”
Metz led Vista Outdoor for six years.
The change came as the company reported third quarter earnings Thursday.
Total sales fell by $40 million to $755 million due to a double-digit decline in organic sales, partially offset by acquisitions. The golf category was the only bright spot in organic sales.
Earnings per share fell 44% to $1.13.
The company said macroeconomic pressures are impacting consumer spending and retailer inventory levels remain high. However, the company remains bullish on the long-term outlook for the outdoor industry.