India, Oct. 16 -- Fox Factory Holding Corp. (FOXF), a manufacturer of performance-defining products and systems, said Friday it has appointed independent director Douglas Grimm as interim CEO, effective October 16, as Mike Dennison is stepping down. It also reported preliminary third-quarter results below its expectations and cut its full-year outlook. Shares of Fox Factory are trading down more than 20% in premarket trading.
The company expects third-quarter net sales of $336 million to $340 million and adjusted EBITDA of $38 million to $42 million, below its guidance of $355 million to $380 million and $46 million to $54 million, respectively.
The shortfall was driven primarily by weaker sales and margins at Marucci Sports, supply disru...