Smith & Wesson Replaces President/CEO After Stock Declines

Smith & Wesson is replacing its President/CEO. This comes after Smith & Wesson stock hit rock bottom last week, trading at $2.49 per share, a 52-week low. Smith & Wesson Holding Corporation (NASDAQ: SWHC) today announced that P. James Debney has been appointed President, Chief Executive Officer, and a member of the Board of Directors, effective immediately. The company said the executive reshuffling was done “in accordance with the company’s comprehensive management succession planning process.” Debney previously served as Vice President of Smith & Wesson Holding Corporation and President of the company’s firearm division. Debney will replace former President/CEO Michael F. Golden, who will continue as a member of S&W’s Board of Directors.

According to the Outdoor Wire: “The remaining term of former President and CEO Michael F. Golden’s employment contact has being bought out by the company, but Golden will continue as a member of the Board of Directors[.] Golden’s contract is expected to impact the company’s current quarter earnings per share by as much as two cents, with the gross numbers to be included in the quarterly 10-Q set to be released after the close of the stock markets today.” Smith & Wesson stock, as of the time of this Bulletin release, is trading at $2.58 per share, gaining back a bit from the $2.49 low on Sept. 23, 2011.