Fox Factory Announces CEO Transition
Key Highlights
- ➤Fox Factory (FOXF) appoints Douglas Grimm interim CEO as Mike Dennison steps down
- ➤Q3 net sales $336M-$340M, below $355M-$380M guidance
- ➤Q3 adjusted EBITDA $38M-$42M, below $46M-$54M guidance
- ➤Fiscal 2026 sales outlook cut to $1.35B-$1.38B from $1.42B-$1.47B
- ➤Fiscal 2026 adjusted EBITDA outlook cut to $140M-$150M from $176M-$196M
Expert Statements
Jean Hlay, Chair of the Board, Fox Factory Holding Corp.
“Doug is an accomplished executive with more than four decades of operating experience in the automotive and industrial sectors, and we are confident he is the right interim leader to accelerate execution in our businesses.”
Douglas Grimm, Interim CEO and independent director, Fox Factory Holding Corp.
“FOX has earned its place as a leader in the powered vehicle and bike markets through an unwavering commitment to innovating performance-defining products for professional athletes and enthusiasts.”
Jean Hlay, Chair of the Board, Fox Factory Holding Corp.
“He has not only led multiple, successful transformations but also brings a deep understanding of our company’s heritage and the operational improvements we are executing on to reach our full potential.”
Douglas Grimm, Interim CEO and independent director, Fox Factory Holding Corp.
“It is an honor to serve as Interim CEO at this important moment in FOX’s trajectory.”
Douglas Grimm, Interim CEO and independent director, Fox Factory Holding Corp.
“Through my work on the Transformation Committee, I have seen firsthand how FOX’s talented team is actively working to deliver the best products and improve our financial position.”
Douglas Grimm, Interim CEO and independent director, Fox Factory Holding Corp.
“I look forward to working closely with Dennis and our leadership team to execute on our strategy and advance a culture of excellence that our customers rely on.”
Jean Hlay, Chair of the Board, Fox Factory Holding Corp.
“On behalf of the Board, I also want to thank Mike for his many contributions to FOX over the last seven years.”
Jean Hlay, Chair of the Board, Fox Factory Holding Corp.
“Mike helped build FOX into a precision engineering company with strong brands and great products.”
Jean Hlay, Chair of the Board, Fox Factory Holding Corp.
“His focus on engineering and innovation earned the loyalty of our OEM partners, athletes and enthusiasts who depend on our products.”
Mike Dennison, Former CEO, Fox Factory Holding Corp.
“It has been a privilege to lead FOX since 2019 and navigate periods of significant change in partnership with such a talented team.”
Mike Dennison, Former CEO, Fox Factory Holding Corp.
“I am proud of what we accomplished together and look forward to supporting Doug and the team through the transition.”
* Independent Director Douglas Grimm Appointed Interim CEO; Board Initiates Search for Permanent CEO
* Leadership Team Focused on Customer-Led Product Innovation, Margin Improvement, Free Cash Flow and Return on Invested Capital
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