Weber shares plunge as grill maker announces departure of CEO amid disappointing earnings
Jul 25, 2022 By MarketDepth
Weber Inc. (WEBR:NAS) falls over 13% intraday as the company announces disappointing sales and departure of CEO. They also stated that layoffs could help with lowering expenses and also tightening its inventory counts.
Weber announced Alan Matula, who is the Chief Technology Officer, as interim CEO till a permanent solution is found.
“We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins.”Kelly Rainko, nonexecutive chair of Weber’s board
The company released preliminary second-quarter results, which stated net sales of $525 to $530 Million. Weber said their sales were lower due to slower retail traffic and rising inflation. They also came out and said they expect economic headwinds to persist leading into the fourth quarter of 2022.
Weber shares are down 50% on the year to $6.50 a share.