Dive Brief:
- Solo Brands, Inc. on Tuesday announced that its CEO and president, Chris Metz, is stepping down after 13 months in his role leading the outdoor gear and apparel company, per a news release. He has also resigned his seat on the board of directors.
- Metz has been succeeded on an interim basis by John Larson, a member of the company’s board of directors. Larson joined Solo Brand’s board in December, after serving as CEO of Bestop, a manufacturer of soft tops and accessories for Jeep vehicles.
- Metz intends to stay at Solo Brands through March 7 in order to assist with the transition. Solo Brands said it will conduct a search for a permanent CEO.
Dive Insight:
Although the reasons for Metz’s departure were not given, the company said it was “not a result of any disagreement with the company or the board, or any matter relating to the company’s operations, policies, or practices.”
In a statement, Matt Hamilton, chairman of the board, thanked Metz for his work and touted Larson’s abilities to step into the CEO spot.
“John has the strategic expertise and necessary leadership skills to serve as Interim CEO at Solo Brands,” Hamilton said. “We are confident that his background and experience leading enthusiast brands will ensure a smooth transition while the search process for a permanent CEO is underway.”
The resignation of Metz comes amid ongoing financial headwinds for the company. Shortly after Metz’s arrival at Solo Brands, the company began a “full strategic review” and made plans to restructure its marketing partnerships and build out a product innovation pipeline. The move came amid sales declines over the past couple of years and a slide of its stock, which is currently trading at less than $1.00 per share on the New York Stock Exchange. Solo Brands initially sold for $17 per share when it went public in 2021.
Under Metz’s leadership over the past year, Solo Brands’ sales have continued to fall. Net sales during Q3 were down $16.2 million (14.7%) year over year, and for the first nine months sales declined by $18.4 million or 5.6%.
In 2023, a much-hyped marketing campaign with rapper Snoop Dogg fell short in driving sales for Solo Stove, despite going viral. Metz said last year the company needed to find a better way to partner with the celebrity.