Remington’s chief executive officer, James Marcotuli, has stepped down. The company says the decision was made for personal reasons. A source who’s in a position to know tells us that, unlike most cases where highly placed corporate executives are said to leave in order “to pursue other interests,” this change was truly made for personal reasons having nothing to do with the company’s or personal performance.
Remington has issued the following statement.
We are pleased to announce that Remington Board Member Jim Geisler has been elevated to Executive Chairman of the Board. This follows the decision by Jim Marcotuli to step down as CEO for personal reasons. Jim has also committed to continue as an advisor to the board during the transition.
In order to promote a quick and seamless transition, the Board has put in place a thoughtful and thorough process to identify a highly qualified successor to serve as a permanent CEO, with both internal and external candidates being considered.
We have a highly experienced and exceptional team at Remington that is committed to ensuring we avoid any disruptions to our current business operations
The Board and leadership of Remington are excited about the opportunities that lie ahead and continuing the Company’s unwavering focus on Safety, Compliance, Quality, Customer Service and Competitiveness.
Marco stepped down for personal reasons. Like many in the firearms industry, Remington is contending with a soft market; but make no mistake, the Company remains strong.