In a conference call last week, Remington Board of Directors Executive Chairman James Geisler told company investors, “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.” Qualified candidates from outside the gun industry will be considered, although someone with experience in the firearm arena has an advantage in selection.
Marcotuli is leaving the helm of the nation’s oldest gunmaker for personal reasons, and comments during the conference call indicate the board was pleased with the results of his efforts, particularly during a relatively challenging period in the firm’s history. He oversaw a period that included record-breaking sales during the 2016 election cycle, and rose to the challenges of filling retailer supply lines. Then a shift in strategy was required as the market returned to its new norm in growth this year.
The latter’s challenges are reflected in the company’s latest (July 2) quarterly report (PDF) report. In its firearms operations, “Net sales for the three months ended July 2, 2017 were $65.2 million, a decrease of $29.6 million, or 31.2%, as compared to the three months ended June 26, 2016. Sales of rifles, including MSRs, centerfire and rimfire rifles, decreased $26.7 million, while other product sales decreased $2.9 million.” The firm’s ammunition operations didn’t fare much better. “Net sales for the three months ended July 2, 2017 were $80.4 million, a decrease of $12.6 million, or 13.5%, as compared to the three months ended June 26, 2016. Sales decreases were caused primarily by market softness.”
Marcotuli’s tenure also included a period in which the company issued the voluntary recall of some of its most popular firearms.