Solo Brands names Christopher T. Metz as CEO & President

Solo Brands, Inc., the parent company of direct-to-consumer-brands Solo Stove, Chubbies, Our Kayak, Isle, and Icy Breeze, has announced the appointment of Christopher T.Metz as its new president, chief executive officer, and director of the board, as part of its broader growth strategy.

“I am honored to be appointed as Solo Brands’ next president and CEO,” said Chris Metz on his new roles in a statement. “Solo Brands is a unique business with strong brands that have tremendous potential and a long runway for growth. I look forward to leading the company in its next chapter.”

Effective as of January 15, 2024, Metz is set to succeed John Merris, who will step down from his roles as president, CEO, and director on the same date. Metz brings with him more than 25 years of experience overseeing consumer-facing companies, serving most recently as CEO of Vista Outdoor Inc.

During his more than five-year tenure at the company, he successfully transformed the company into a leader in outdoor products, achieving record revenues and profits while significantly reducing debt. Spearheading this growth through organic expansion, customer-focused strategies, and strategic acquisitions, Metz is credited with being key to Vista's growth.

“We are thrilled to welcome Chris to Solo Brands as our new CEO," said Matt Hamilton, chairman of Solo Brands’ board of directors, in a statement. "Chris is known for building high-performing teams, driving growth, and transforming companies. His experience across leading outdoor products companies, including Vista Outdoor, makes him the perfect leader for Solo Brands’ future. Our board is confident that Chris is the right person to grow shareholder value.”

Solo Brands shares drop after decreasing annual revenue outlook

Hamilton also thanked John Merris for his leadership over the last years, including his guidance when Solo Brands went public. "John was instrumental in building Solo Brands into the company it is today. His passion and enthusiasm for our brands will be missed. We wish him all the best for the next step in his career,” added Hamilton in the statement.

Merris outlined his gratitude for leading the company over the last five years and thanked the board for their partnership and support while noting he is "excited to watch as Solo continues to grow under new leadership."

Following the new appointment, Solo Brands also provided a guidance update for its fiscal year 2023, which saw share prices drop 22 percent to 4.64 USD. FY23 revenue for the company is now expected to be between 490 million USD and 500 million USD, compared with previous guidance of 520 million USD and 540 million USD. Adjusted EBITDA margin is now expected to be in the range of 14 percent to 15 percent, compared to the previous guidance of 17 percent to 18 percent.

Andrea Tarbox, interim CFO said in a statement: “Our fourth quarter results came in below expectations as we experienced softer-than-anticipated sales in our direct channel. While our unique marketing campaigns raised brand awareness of Solo Stove to an expanded and new audience of consumers, it did not lead to the sales lift that we had planned, which, combined with the increased marketing investments, negatively impacted our EBITDA."

"We believe there is a significant opportunity for us to build awareness and that these new campaigns will expand our reach and benefit our brands over the long term.”