Remington launches search for new CEO

Remington Outdoor Company launched a search for a new chief executive officer following the sudden resignation from Jim Marcotuli, who stepped down from the top spot due to personal reasons after a two-year run.

“The board has commenced an expansive CEO search both internally and externally to find the most qualified candidates who are both passionate and knowledgeable about our industry, customers, and products,” said James Geisler, executive chairman for Remington’s board of directors, during Tuesday’s conference call with investors.

Geisler said they’re looking inside and outside the gun industry. “The goal obviously is to find the best qualified candidate for the job. That can come in many flavors and forms,” he said.

“I don’t rule anybody in or out but I think those would be desirable traits of the next CEO,” he said, but added that the board would be “very interested in candidates that have some familiarity and knowledge of our industry and customer as well as channel partners.”

The gun maker announced Marcotuli resigned on Aug. 15 due to personal reason, but will stay on as an advisor to the board. He was named CEO in June 2015 after his predecessor left less than a month after company owners allowed investors to cash out of the conglomerate formerly known as Freedom Group.

Geisler credited Marcotuli for “successfully executing an operating strategy that improved many of Remington’s key metrics by focusing on safety, compliance, quality, customer and competitiveness.”

Remington reported this week a 24 percent drop in sales in its second quarter, putting the company deeper into the hole for the year. With a decrease of $49.3 million in quarterly revenue, Remington is now operating at a $44.5 million loss halfway through the year, according to the company’s quarterly financial filing.