In a surprise move today, Camp Chef parent Vista Outdoor announced the agreed resignation of CEO Chris Metz. The resignation is effective immediately with Board member Gary McArthur being appointed interim CEO. The reason for the separation given in the press release was the “Board’s loss of confidence in his leadership for reasons not involving financial reporting or internal controls”.
The Chairman of the Vista Board, Michael Callahan, had the following statement on the transition.
Gary is a seasoned executive with extensive financial expertise and has played an integral role in driving Vista Outdoor’s success. We are grateful for Gary’s willingness to step in as CEO on an interim basis and expect him to hit the ground running. We appreciate Chris’ contributions to Vista Outdoor and wish him well in his next endeavor.Michael Callahan, Chairman of the Vista Outdoor Board
He continued that Vista Outdoor remains on track to separate into two companies in 2023.
No reason was given for what caused the Board to lose confidence in Chris Metz. It’s unusual to change CEOs ahead of a big corporate change like a split. Vista Outdoor also saw their CFO depart recently.
Chris Metz will remain a full-time employee until March 31, 2023 to help transfer knowledge that he’s built over the past six years at the helm. In return, he’ll receive a payment equal to 100% of his salary. He’ll also remain available under a consulting arrangement that, if used, will pay him $90,000 per month.