Dive Brief:
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Solo Brands on Monday announced that Chief Financial Officer Sam Simmons will leave some time this year.
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Simmons is staying in the role until a successor is named, and for a while after to support the transition, according to a company press release. Solo said it's begun a national search for his successor.
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The company was among many to go public last year, and beat expectations in its first public quarter, though profits declined markedly.
Dive Insight:
The leadership move indicates that Solo, which also runs men's apparel label Chubbies and outdoor brands Oru Kayak and Isle paddle boards after acquiring them in 2020, is ready for its longer term growth plans.
Simmons has "significant leadership experience" helping companies move "through multiple key phases of growth from startup, to VC, growth equity, to exit, to public company, and public company to private company," according to his LinkedIn page. On Monday, he said in a statement that the company was able to "accomplish the extraordinary and did it even faster and better than expected."
In a statement, Solo CEO John Merris noted that Simmons was "instrumental" in helping the brand accomplish several milestones since he landed there. "He has achieved everything we asked of him, including integrating three new acquired brands, strengthening our team, and leading our organization through a successful IPO process during 2021," Merris said.
The company, whose signature product is low-smoke, portable outdoor wood-burning stoves and fire pits, stands out among DTCs with its record of profitability. Deals recently struck with retailers including Ace Hardware, REI and Dick's Sporting Goods indicate that Solo recognizes the limits of the direct-to-consumer channel when it comes to growth.
Also on Monday, the company said it reaffirms its guidance from Jan. 10, when it raised its Q4 guidance to revenue of between $173 million to $175 million and its full-year outlook to revenue of between $400 million to $402 million, versus its prior guidance of $344 million to $352 million.
via https://www.aiupnow.com
Daphne Howland, Khareem Sudlow
