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SALT LAKE CITY - Traeger, Inc. (NYSE: COOK), a wood pellet grill manufacturer with a market capitalization of $282 million, has announced a change in its executive team with the upcoming departure of Chief Financial Officer Dominic Blosil. According to InvestingPro data, the company maintains a "Fair" financial health score, with liquid assets exceeding short-term obligations. Blosil, who has been with the company for 11 years, will continue in his role until the filing of the first-quarter 10-Q report and will assist with the transition through the end of 2025. Joey Hord, currently Senior Vice President of Finance and Strategy, is set to succeed Blosil as CFO.
Jeremy Andrus, CEO of Traeger, praised Blosil’s contributions to the company’s growth and transformation, including his role in the company’s IPO in 2021. The transition comes as Traeger’s stock has faced challenges, with InvestingPro analysis showing a 34% decline over the past six months, though current valuations suggest the stock may be undervalued. Andrus highlighted Blosil’s strategic vision and leadership in building a team that positions Traeger for future success. Blosil expressed his pride in the company’s achievements and endorsed Hord as a capable successor with strong financial and strategic expertise.
Hord joined Traeger in 2021 and has been recognized for his role in enhancing the company’s strategic and financial planning. He brings a wealth of experience from his 16-year tenure at Nike Inc., where he held various leadership positions, including Senior Director of Global Business Planning and CFO roles in Nike’s Southern Cone and Brazil operations. Hord’s academic background includes a B.A. in Accounting and Finance and completion of an Executive Leadership program at Stanford University’s Graduate School of Business.
The company’s statement also included forward-looking remarks regarding Hord’s anticipated service as CFO and the future direction of Traeger. However, it acknowledged that these statements are subject to risks and uncertainties that could affect actual results.
This announcement is based on a press release statement from Traeger, Inc. and does not include any promotional content or endorsement of the company’s claims. While the company reported a loss in the last twelve months, InvestingPro analysis indicates analysts expect Traeger to return to profitability this year. The information provided aims to offer a balanced perspective on the company’s leadership transition without speculating on the broader implications for the industry. For deeper insights into Traeger’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Traeger, Inc. has amended a significant clause in its Stockholders Agreement following a class action lawsuit. The legal action, initiated by Bruce Taylor in the Delaware Court of Chancery, challenged the requirement for investor stockholders’ consent before appointing or dismissing the company’s CEO. In response, Traeger’s Board of Directors approved an amendment on April 30, 2024, allowing the board to appoint or terminate the CEO without needing prior investor consent, provided it aligns with their fiduciary duties under Delaware law. This amendment, known as the Revised CEO Authority, led to the court issuing a Voluntary Dismissal Order on May 8, 2024, deeming the lawsuit moot. The court retained jurisdiction to address the plaintiff’s counsel’s anticipated application for attorneys’ fees, which Traeger and its insurer(s) agreed to settle for $390,000. The case was officially closed on December 6, 2024, following the court’s order contingent upon Traeger filing an affidavit confirming the filing of a report on Form 8-K. This development reflects the company’s recent efforts to streamline its executive appointment processes while adhering to legal requirements.
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