S&W's CEO Steps Down
10/3/2011
In a surprise move, Smith & Wesson Holding Corp bought out the remaining contract of Michael F. Golden as president and CEO and appointed him to a seat on the company’s board of directors. Smith & Wesson's stock (symbol SWHC on the NASDAQ) has dropped 27 percent so far this year.
At the same time, the board named James Debney as its new chief executive. Debney, 44, had been Smith & Wesson's vice president and president of its firearm division.
Golden, 57, took the reins as CEO in 2004. He will now serve as co-vice chairman of the board. Prior to joining S&W, Golden was employed in various executive positions with the Kohler Company.
Golden’s contract buy-out is expected to cost shareholders two cents a share. His annual salary is $450,000, however, he earned $934,828 in 2010 with bonuses and other compensation. He also owns nearly $3 million in stock options.
S&W stock has dropped since 2008 from a high in the $20 range to $2.52 today. Earlier this year, the stock hit a 52 week high of $4.20.
