Vista Outdoor CFO to step down early 2018
By Christen Smith
Stephen Nolan, Vista Outdoor’s chief financial officer, will part ways with the company Feb. 1, 2018. (Photo: Vista Outdoor)
A second top executive will depart Vista Outdoor in less than a year, according to the company’s regulatory filings published last week.
Chief Financial Officer Stephen Nolan — in agreement with the company — will leave his position effective Feb. 1 “to pursue other opportunities.” His severance package includes a lump sum payment of his annual salary of $515,000, a pro-rata portion of his annual bonus, stock options and an additional payout of $15,000 for healthcare costs.
Nolan’s exit comes six months after Vista Outdoor Chief Executive Officer Mark DeYoung headed into early retirement. Christopher T. Metz took over the post in October and began taking dramatic steps to “stabilize the company” amid double digit earning losses in the first and second quarter — including ousting Shooting Sports Segment President Bob Keller and divesting three brands from Vista’s sports protection business: Bollé, Serengeti and Cébé.
The company further slashed costs last quarter through inventory and workforce reductions “to better align product with demand” — a familiar narrative heard across the gun industry as manufacturers re-calibrate under the “new normal” in a post-Obama sales climate.
“The market contraction and competitive environment … will