The parent company of gun maker Smith & Wesson announced Wednesday that CEO James Debney was being replaced.
American Outdoor Brands was not specific, but the reason given was for a ‘non-financial’ behavior that broke the company’s rules, according to a company statement.
|AOBC||AMERICAN OUTDOOR BRANDS||9.58||+0.12||+ 1.27%|
James Debney had led the company and its predecessor company since 2011.
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During his tenure, the company saw peaks and valleys. Sales increased due to concerns among gun users that property rules would be tightened, according to the Wall Street Journal.
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Debney would become CEO of the company’s outdoor products unit, after a planned split, that the company will continue in the second half of 2020.
The company’s president, Barry Monheit, said: “We appreciate James’ contributions to the growth and development of our company and its infrastructure.”
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American Outdoor appointed Mark Smith and Brian Murphy as co-CEOs of the combined company. Smith will become CEO of the weapons unit, with Murphy leading the outdoor business.
Debney received $ 3.76 million in compensation last year, including a basic salary of $ 750,000, according to regulatory documents.
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The action has lost two-thirds of its value in slower arms sales following the election of President Trump.