Fox Factory CEO Dennison steps down; Grimm named Interim CEO as Q3 results miss and FY26 outlook is cut

FOX FACTORY HOLDING CORP

• Board named independent director Douglas J. Grimm Interim CEO effective Oct 16, 2026; Mike Dennison stepped down as CEO and from the Board, which shrank from 7 to 6 members.
• Grimm's Interim CEO agreement: $1,065,000 annual base salary, $600,000 completion bonus, $2 million RSU target and up to $1.6 million more if service extends past six months.
• Preliminary Q3 fiscal 2026 net sales of $336M-$340M vs $355M-$380M guidance; adjusted EBITDA $38M-$42M excluding ~$12M IEEPA tariff refunds, vs $46M-$54M guidance.
• FY2026 outlook cut to net sales of $1.35B-$1.38B from $1.42B-$1.47B and adjusted EBITDA of $140M-$150M from $176M-$196M, partly on the Sept 25, 2026 Marucci divestiture.
• Board retained Heidrick & Struggles for a permanent CEO search led by Chair Jean Hlay with Tom Duncan and Grimm; Alan Bazaar replaces Grimm as Audit Committee chair.