Earnings

Weber shares tank as grill maker announces CEO departure amid disappointing sales

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Weber Grill accessories are offered for sale at a home improvement store on July 23, 2021 in Palatine, Ill.

Scott Olson | Getty Images News | Getty Images

Weber shares tumbled 20% in morning trading Monday after the grill maker abruptly said CEO Chris Scherzinger is departing amid waning demand for its products in stores and online.

The Palatine, Illinois-based company also suspended its quarterly cash dividend and said it is committed to working with lending partners to remain in compliance with its credit facilities.

Weber named Chief Technology Officer Alan Matula as its interim CEO, effective immediately, as it searches for a permanent replacement.

“We are taking decisive action to better…



Source cnbc.com

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