On Tuesday, Remington Outdoor Company (ROC) announced the departure of chairman and CEO George Kollitides II, the retirement of two directors from the board, and the retirement of CFO Ron Kolka. Effective immediately, company co-lead director Jim Marcotuli has been appointed president and CEO while board member James P. Campbell has been appointed vice chairman of the board.
The change in leadership comes less than a month after Remington announced that it will be letting investors sell their stakes in the company, which is currently valued at $880 million. Remington stated that the changes are part of an ongoing transformation to “optimize operations and reset the foundational processes needed to deliver consistently superior quality across all products and services.”
Kollitides, who has served as Remington’s CEO since 2012, said that he and the company recently agreed for him to step down and “pursue other interests.” Kollitides will also continue to work with Remington for another year as a paid senior adviser and said that he leaves the company in capable hands.
“It has been a tremendous privilege to lead America’s oldest and most iconic gun company,” Kollitides said. “I could not be more proud of our organization and have the utmost confidence in the new management team’s ability to continue to successfully lead ROC in the future.”
The new CEO, Jim Marcotuli, was first appointed to his position as Remington co-lead director in September of 2014. Despite having only been in office for nine months, Remington’s senior management praised Marcotuli for his strategic focus and no-nonsense leadership while spearheading improvement efforts for the company.
“I am honored to have the opportunity to help write the next chapter for our Company and to work with our entire team to deliver consistently superior quality and excellence across the enterprise,” Marcotuli said. “The Remington brand is steeped in tradition and a proud heritage of designing and manufacturing safe, quality products used by countless military operators and law enforcement officers and enjoyed by generations of sportsmen and women.”
Directors Walter McLallen and James J. Pike also announced their retirement, while Remington is welcoming Jeffrey Pritchett as the newest member of the board. The company has initiated a search for a new chairman of the board and additional board members, as well as a new CFO to replace Kolka.
Remington is one of America’s oldest and largest firearm manufacturers. Formerly known as Freedom Group, ROC is comprised of 16 different companies, including Bushmaster, Barnes Bullets, Advanced Armament Corp., and, of course, Remington. Prompted in part by pressure after the 2012 Newtown shooting, the private equity firm that owns ROC, Cerberus Capital Management, has been attempting to sell the company and recently stated that it was “disappointed” that it could not do so outright. According to The New York Times, Cerberus instead sent a letter to investors saying that it would take Remington out of its main private equity funds and put it in a different financial vehicle, allowing investors to sell their shares.