The parent company of arms manufacturer Smith & Wesson has overthrown its CEO because he allegedly violated an unspecified corporate rule.
Executive President James Debney left office at American Outdoor Brands Corporation after his board of directors discovered that “he was involved in conduct incompatible with a non-financial company policy,” the company said in a press release Wednesday.
The firm did not offer more details about Debney’s alleged misconduct, but said it has been replaced by co-CEOs Mark Smith and Brian Murphy.
“We appreciate James’ contributions to the growth and development of our company and its infrastructure,” American Outdoor Brands president Barry Monheit said in a statement released after the company’s stock closed 1.2 percent on Wednesday at $ 9.58. .
The shock took place less than a week before the SHOT Show, a major weapons industry event that will begin Tuesday in Las Vegas. Smith & Wesson is listed as an exhibitor at the fair, along with other names of American outdoor brands such as Caldwell, Lockdown and Crimson Trace.
Debney had been president and CEO of American Outdoor Brands, formerly known as Smith & Wesson Holding Corporation, since 2011. He was expected to lead the company after the planned spin-off of the Smith & Wesson arms business, which was announced in November.
Smith will now become president and CEO of the firearms company, Smith & Wesson Brands, once the split is completed, and Murphy will become president and CEO of American Outdoor Brands, the company said.