GRAPEVINE, Texas - Solo Brands, Inc. (NYSE:DTC), a conglomerate of lifestyle brands including Solo Stove and Chubbies, has announced the appointment of Christopher T. Metz as its new President and CEO, effective January 15, 2024. Metz, who brings over 25 years of experience in consumer and durable goods, will succeed John Merris, marking a significant leadership transition for the company.
Metz's previous role as CEO of Vista Outdoor Inc . (NYSE:VSTO) saw him reposition the company to achieve record revenue and profits. His strategy focused on organic growth, direct consumer initiatives, and strategic acquisitions. Matt Hamilton, Chairman of Solo Brands' Board of Directors, expressed confidence in Metz's ability to drive growth and increase shareholder value.
The company also adjusted its full-year 2023 sales and EBITDA guidance, lowering revenue expectations to between $490 million and $500 million, compared to the previous forecast of $520 million to $540 million. Adjusted EBITDA margin is now anticipated to be in the range of 14% to 15%, down from the earlier projection of 17% to 18%.
Interim CFO Andrea Tarbox attributed the revised guidance to weaker-than-expected sales in the direct channel during the fourth quarter and increased marketing investments that did not yield the planned sales lift. Despite this, the company sees long-term potential in its marketing campaigns to build brand awareness and reach.
The company expressed gratitude to outgoing President and CEO John Merris for his contributions, particularly in leading Solo Brands to go public and establishing its market presence.
This article is based on a press release statement from Solo Brands, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.