- Push-out Score determined
- After less than a year and a half in the position
- Thanks for Scherzinger
- Alan Matula taking over temporarily
- Search for a successor
(exechange) — Palatine, Illinois, July 25, 2022 — Chris Scherzinger, chief executive of Weber, leaves. As announced by Weber Inc. in a news release and in a regulatory filing published on Monday, July 25, 2022, Chris M. Scherzinger has left his post as chief executive officer at the grill maker, after less than a year and a half in the role, effective July 24, 2022.
Weber will undertake a search for a successor.
Chris Scherzinger’s duties as CEO will be taken over temporarily by Alan D. Matula, most recently Chief Technology Officer at Weber Inc., as interim Chief Executive Officer.
“Execute a transformation of the Company’s cost base”
Weber did not give an explicit reason for Chris Scherzinger’s departure from the CEO post. Kelly Rainko, Non-Executive Chair of the Weber Board of Directors, said: “We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins. The management team is well positioned to guide Weber through this transitional period and execute a transformation of the Company’s cost base.”
Rainko continued: “Weber is the clear global category leader, and our promise of quality and innovation lives at the center of everything we do. We remain committed to delivering the very best outdoor cooking experiences to our customers around the world.”
Precise information regarding Chris Scherzinger’s future plans was not immediately available.
Weber said: “Chris Scherzinger is departing from his roles on the management team and Board of Directors.”
Weber further said: “On July 24, 2022, the Board of Directors (the “Board”) of the Company appointed Alan D. Matula, Weber’s current Chief Technology Officer, as the Interim Chief Executive Officer of the Company, to succeed Chris M. Scherzinger, who has departed from such role and from the Board.”
Share price decline since September 2021
The announcement follows a decline in Weber Inc.’s share price of 54% since September 2021.
In the position of CEO since 2021
Chris Scherzinger became CEO of the Company in 2021.
Scherzinger has served as Chief Executive Officer and a Director of Weber Inc. since April 2021 and, prior to the Reorganization, of Weber-Stephen Products LLC since April 2018.
Scherzinger held a variety of executive leadership roles at Jarden Corporation and its 2016 acquisitor Newell Brands from 2008 to 2018, including President and CEO of the Appliances & Cookware operating unit in Newell Brands from 2016 to 2018, President and CEO of Jarden Branded Consumables from 2014 to 2016, President and CEO of Jarden Leisure & Entertainment from 2012 to 2014 and President of Jarden Home Brands from 2008 to 2012.
Scherzinger held general management and marketing leadership roles at Johnson & Johnson from 2003 to 2008, marketing leadership roles at Johnson Outdoors (S.C. Johnson) from 2001 to 2003, marketing leadership roles at Procter & Gamble from 1995 to 2001, and manufacturing management roles at General Electric from 1991 to 1993.
Scherzinger graduated from the University of Notre Dame in 1991 with a BS in Mechanical Engineering, and later earned an MBA from Northwestern University’s Kellogg School of Management in 1995.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Chris Scherzinger’s move on a scale of 0 to 10.
exechange reached out to Weber and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2022 ($).