Smith & Wesson Maker Replaces CEO After Non-Financial Misconduct

(Bloomberg) -- American Outdoor Brands Corp. said Chief Executive Officer James Debney is leaving the company because of what the board determined to be non-financial misconduct.

Debney will be replaced by Mark Smith and Brian Murphy, who will function as co-CEOs, the maker of Smith & Wesson firearms said in a statement Wednesday. The change is effective immediately.

The departing boss “engaged in conduct inconsistent with a non-financial company policy,” American Ootdoor said in the statement.

Debney’s surprise exit comes as American Outdoor plans to split into two publicly traded companies, one focused on firearms and the other on outdoor products. The company said it would proceed with that plan.

To contact the reporter on this story: Thomas Black in Dallas at tblack@bloomberg.net

To contact the editors responsible for this story: Brendan Case at bcase4@bloomberg.net, Susan Warren

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