Sturm, Ruger & Company, Inc. Announces Succession Plan
August 02 2016 - 5:05PM
Business Wire
Sturm, Ruger & Company, Inc. (NYSE: RGR) today announced
that President & Chief Operating Officer Christopher J. Killoy
will succeed Michael O. Fifer as Chief Executive Officer upon Mr.
Fifer’s planned retirement at the next Annual Meeting of
Shareholders on May 9, 2017. The Board of Directors also voted to
increase the number of Directors to nine and elected Mr. Killoy as
a Director of the Company, effective immediately. Mr. Fifer will
continue to support the Company as Vice Chairman of the Board of
Directors after his retirement.
C. Michael Jacobi, Chairman of the Board of Directors, stated,
“We have been actively involved in succession planning at all
levels of the Company for many years, and this transition plan
comes at a time of strength at Ruger given our excellent management
team, strong balance sheet, culture of innovative product
development and application of continuous improvement
methodologies. Chris is the ideal candidate to become just the
fourth CEO in the Company’s 67-year history. Chris has a
demonstrated track record of success in a wide range of positions
at Ruger and other firearm companies over the past 27 years, and he
is well qualified to lead our continued growth and development.
Mr. Jacobi continued, “Mike’s leadership over the past 10 years
as CEO has been extraordinary. During Mike’s tenure, Ruger’s
revenues increased more than four times to $600 million and its
market capitalization increased more than six times to $1.3
billion, while at the same time driving shareholder returns eight
times that of the S&P 500 Index. Mike has led the
transformation of the Company’s product line and operations,
positioning us as a leader in the firearms industry.”
Mr. Killoy joined the Company in 2003 as Executive Director of
Sales and Marketing. He was named Vice President of Sales and
Marketing in 2006 and promoted to President & COO in 2014.
During this time he led the marketing and sales effort to record
revenues and built a talented management team. Prior to joining the
Company, Mr. Killoy’s career included duty in the U. S. Army, and
several years at General Electric, Smith & Wesson, and Savage
Arms in a variety of sales, marketing, and general management
positions. Mr. Killoy graduated from the U.S. Military Academy at
West Point in 1981.
“I am deeply honored that the Board has selected me to succeed
Mike as Ruger’s next CEO”, said Mr. Killoy. “I believe we have the
right strategy, the right management team and a bright future. I
will work tirelessly to drive our new product development, improve
our competitive posture in the marketplace, and focus all parts of
our business on enhancing service to our customers.”
Today, the Company filed its Quarterly Report on Form 10-Q.
Tomorrow, August 3, 2016, Sturm, Ruger will host a webcast at 9:00
a.m. ET to discuss the second quarter operating results. Interested
parties can access the webcast at www.ruger.com/corporate or by
dialing 720-634-2919, participant code
50151643.
The Quarterly Report on Form 10-Q is available on the SEC
website at www.sec.gov and the Ruger website at
www.ruger.com/corporate. Investors are urged to read the complete
Quarterly Report on Form 10-Q to ensure that they have adequate
information to make informed investment judgments.
About Sturm, Ruger
Sturm, Ruger & Co., Inc. is one of the nation’s leading
manufacturers of rugged, reliable firearms for the commercial
sporting market. As a full-line manufacturer of American-made
firearms, Ruger offers consumers over 400 variations of more than
30 product lines. For more than 60 years, Ruger has been a model of
corporate and community responsibility. Our motto, “Arms Makers for
Responsible Citizens,” echoes the importance of these principles as
we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking
statements and projections concerning future expectations. Such
statements are based on current expectations and are subject to
certain qualifying risks and uncertainties, such as market demand,
sales levels of firearms, anticipated castings sales and earnings,
the need for external financing for operations or capital
expenditures, the results of pending litigation against the
Company, the impact of future firearms control and environmental
legislation, and accounting estimates, any one or more of which
could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
made. The Company undertakes no obligation to publish revised
forward-looking statements to reflect events or circumstances after
the date such forward-looking statements are made or to reflect the
occurrence of subsequent unanticipated events.
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Sturm, Ruger & Company, Inc.One Lacey PlaceSouthport, CT
06890www.ruger.com203-259-7843
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