Sturm, Ruger & Company, Inc. (NYSE:RGR), a renowned firearms manufacturer, has announced upcoming changes to its board leadership, as revealed in a recent 8-K filing with the Securities and Exchange Commission. John A. Cosentino, Jr., who is currently the Lead Vice-Chairman of the Board, is set to succeed Ronald C. Whitaker as the Chairman of the Board, effective January 1, 2025. Additionally, Phillip C. Widman will take over Mr. Cosentino's role as the Lead Vice-Chairman of the Board.
The transition comes as part of the company's practice of periodic refreshment of its leadership. Mr. Whitaker, who will be stepping down from his role as Chairman, will continue to serve as a director on the board.
Shareholders and potential investors may view the shift in leadership as a natural progression in the company's governance, ensuring fresh perspectives at the helm while maintaining continuity through Mr. Whitaker's ongoing involvement as a director.
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In other recent news, Sturm, Ruger & Company, Inc. has reported mixed financial results for the third quarter of 2024. The firearms manufacturer showed a slight increase in net sales, rising from $120.9 million in the same quarter of the previous year to $122.3 million. However, diluted earnings per share decreased from $0.42 in the third quarter of 2023 to $0.28 in the same period of 2024. Despite this, the company maintains a robust financial position with $96 million in cash and short-term investments and no debt.
Sturm, Ruger has also updated severance agreements with key executive officers. These agreements outline the severance benefits available to the executives under certain termination conditions. The company has returned $39.3 million to its shareholders in the first nine months of 2024 through dividends and stock repurchases.
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