Two Dallas-Fort Worth consumer goods companies are starting the new year with new leaders.
Grapevine-based Solo Brands and Frisco-based Lewis Foods are hiring new chief executives after a record year for CEO turnover in corporate America.
Solo's new CEO is Christopher Metz, who most recently led Vista Outdoor, a Minnesota company that manufactures and sells more than 30 sports and outdoor products. He replaces John Mellis, whose departure the company described as a mutual separation due to lower-than-expected sales in the final three months of 2023.
Luis Foods, one of Mexico's largest frozen food manufacturers, will promote Chief Operating Officer Kimberly Carroll to the top job, effective January 21. Current CEO Dan Antonelli will become Chairman of the Board.
CEO departures occurred at a record pace in 2023, according to research tracked by outplacement and executive coaching firm Challenger, Gray & Christmas. There were 1,710 CEO departures across Novembehra, already higher than the previous 12-month high of 1,640 in 2019.
Challenger began tracking CEO departures in 2002.
Metz brings more than 25 years of experience leading consumer products companies to Solo Brands, which owns brands such as Solo Stove outdoor fire pits, Chubbies apparel, Oru Kayak, Isle paddleboards and Icy Breeze portable air conditioners. He will leave the company in early 2023 after the Vista Outdoor board announced it had lost confidence in his leadership.
During his five and a half years at Vista, the company's sales grew from $2 billion to $3 billion through direct-to-consumer initiatives and acquisitions. Pretax profit soared from $86 million to $665 million, according to Mets' LinkedIn profile.
“Chris is known for building high-performing teams, driving growth and transforming companies,” Matt Hamilton, chairman of the Solo Brands board of directors, said in a statement. “His experience…makes him the perfect leader for the future of the solo brand.”
Metz said he believes the Solo brand has “tremendous potential and a long runway for growth.”
At the time of announcing the CEO change, Solo Brands also announced that it had lowered its fiscal year 2023 sales and pre-tax profit outlook by up to $40 million. The company said it now expects total sales to be between $490 million and $500 million, instead of the $520 million to $540 million it had previously expected.
“While our unique marketing campaign expanded Solo Stove brand awareness and reached new consumer groups, it did not result in the sales growth we had planned and, combined with increased marketing investment, resulted in a pre-tax This has had a negative impact on our bottom line,” said Interim Chief Financial Officer Andrea Tarbox.
Melis joined Solo Brands in 2018 and took it public three years later.
At Lewis Foods, Carroll will also serve on the board of directors, joining Kim Lewis Beck, co-founder Fred Lewis' eldest daughter, owner and current board chairman.
“As the Lewis Foods Board of Directors considered the direction of our next CEO, the best candidate was chosen to join our leadership team,” said Kim Lewis Beck. “Kim Carroll has literally grown within the Lewis Foods organization for over 20 years.”
Lewis Beck praised Carroll for being part of the team that introduced “the most successful new product in the company's history.” Ruiz Foods sells the El Monterey brand, the number one selling frozen Mexican food product in the United States, and also sells the snack brand Tornados.
Mr. Carroll was promoted to chief operating officer in September 2023 and previously held the positions of executive vice president, general manager and chief commercial officer of the company's food service and retail businesses.
“I am humbled and honored to lead one of America's finest family-owned businesses,” Carroll said in a statement. “Dan Antonelli will be instrumental in guiding the transformation we began in 2021 into a top-performing company, and Kim Lewis Beck will be our north star, guiding us by embodying our business values. Thank you.”
Ruiz Foods officially moved its headquarters from California to Frisco last year.
The privately owned company was co-founded in 1964 by Fred Lewis and his father, Lewis, and employs more than 4,000 people at manufacturing facilities in California, Texas and South Carolina. Although he did not disclose annual sales figures, Lewis said the company surpassed the $1 billion mark in 2021.
There were multiple reasons for last year's surge in CEO resignations.
“CEOs are stepping down after navigating the pandemic, labor and supply chain issues, financial uncertainty and changing government regulations,” said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. said.
“Many leaders retire at a time when the company is relatively stable, allowing normal succession planning to proceed. Some companies are battling burnout, while others are struggling with new technology or economic downturns. “We need new leaders to face certainty and usher in change,” he said.
According to Challenger's research, the three industries with the most CEO departures are government/nonprofit, healthcare, and technology.
