GRAPEVINE, Texas — Editor's note: The video published above is a WFAA report from November 2023, when Snoop Dogg announced his partnership with Solo Brands to promote the Solo Stove.
Remember the viral campaign for Snoop Dogg's smokeless grill, the Solo Stove?
We all thought Snoop was giving up smoking ... and he was ... but not in the way we thought. It was a clever marketing campaign for their new smokeless fire pit product. Well, it didn't lead to the sales numbers the company expected, apparently, the CEO has stepped down.
Grapevine-based Solo Brands announced a change in leadership earlier this month after "fourth quarter results came in below expectations as we experienced softer-than-anticipated sales in our direct channel."
Andrea Tarbox, interim CFO, stated "while our unique marketing campaigns raised brand awareness of Solo Stove to an expanded and new audience of consumers, it did not lead to the sales lift that we had planned, which, combined with the increased marketing investments, negatively impacted our EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)."
The company named Christopher T. Metz as its new President, Chief Executive Officer (“CEO") and Director of the Board effective Jan. 15, 2024. Metz succeeds John Merris, who mutually separated from the company as its President, CEO and Director effective as of the same date.
“We are thrilled to welcome Chris to Solo Brands as our new CEO. Chris is known for building high performing teams, driving growth and transforming companies. His experience across leading outdoor products companies, including Vista Outdoor, makes him the perfect leader for Solo Brands’ future,” Matt Hamilton, Chairman of Solo Brands’ Board of Directors stated. “Our board is confident that Chris is the right person to grow shareholder value.”
“I am honored to be appointed as Solo Brands’ next president and CEO,” Chris Metz said. “Solo Brands is a unique business with strong brands that have tremendous potential and a long runway for growth. I look forward to leading the company in its next chapter.”
Solo Brands said in a press release that revenue is now expected to be between $490 million and $500 million for Fiscal Year 2023. The company expects to report its fiscal 2023 results and host its earnings conference call in March.
The Associated Press contributed to this report.
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