The company’s board plans to conduct a process to identify a permanent replacement.
Shares of Solo Brands Inc. (DTC) slipped more than 4% in after-hours trading on Tuesday as the company named board member John Larson its interim president and CEO, with retail sentiment turning downbeat.
Larson succeeds Chris Metz who stepped down from his position but plans to support the company in the transition plans to remain with the company in a non-executive capacity through March 7, 2025.
“John has the strategic expertise and necessary leadership skills to serve as Interim CEO at Solo Brands,” said Matt Hamilton, chairman of Solo Brands . “We are confident that his background and experience leading enthusiast brands will ensure a smooth transition while the search process for a permanent CEO is underway.”
Solo Brands’s board plans to conduct a process to identify a permanent CEO.
“Mr. Metz’s departure is not a result of any disagreement with the company or the board,” the company said in a statement.
Sentiment on Stocktwits turned ‘bearish’ compared to ‘extremely bullish’ a week ago. Message volume was in the ‘low’ zone compared to ‘high.’
For its fourth-quarter results, Solo Brands is expected to post $0.11 in earnings per share on revenue of $162.06 million.
Solo Brands operates a portfolio of lifestyle brands in the outdoor and apparel sectors. Its brands include Solo Stove, Chubbies, ISLE and Oru.
Solo Brands stock is down 13% year-to-date.
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