Ammo, Inc. promoted Jared Smith to chief executive officer. Smith joined the company in January 2023 as president and COO. Previously, he was the general manager of Fiocchi of America.
Based in Scottsdale, AZ, Ammo, Inc. owns GunBroker.com the online marketplace and vertically integrated producer of ammunition and components.
“Today, I, along with the Board of Directors, am pleased to announce that industry veteran Jared Smith has been named chief executive officer and will become a director of Ammo and GunBroker.com,” said Fred Wagenhals, Ammo’s current CEO and chairman. “I will remain executive chairman of Ammo and GunBroker.com and will be a strategic advisor to the company and Jared to assist in the transition. Jared has been Ammo’s president and chief operating officer since January 2023.”
Smith has spent 17 years working in the firearms and ammunition sector, where, most recently, he spent more than five years as the general manager for Fiocchi of America, an ammunition manufacturer for competition, hunting and defense applications. During his tenure at Fiocchi, he held multiple positions, including director of procurement and supply chain and vice president of international strategy and development.
As Fiocchi’s GM, Smith maintained P&L ownership, managed separate manufacturing operations while overseeing three acquisitions and led the company’s revenue growth from “$95 million to over $200 million in three years.”
“The CEO Succession Committee of the Board of Directors, in consultation with international executive search firm Egon Zehnder, was tasked with conducting the national search to fill the CEO position,” said Jessica Lockett, board member. “We thoroughly canvassed the marketplace for highly qualified candidates who possessed what we believed were the extensive skills necessary for a CEO to balance. Following this process, it was clear that Jared was the most attractive candidate for the position.”
“I’ve had the opportunity to get to know Jared over the past few months, and I am confident he combines a strong background, executive skills, and, most importantly, the vision to grow this company into a true market leader. Jared stands out among the many CEOs I’ve come to know over my own years of experience, and we as a board are excited to welcome him as Ammo, Inc.’s CEO and as a member of our board, and we very much look forward to his, and our, future success,” added Christos Tsentas, Ammo director.
“It was always my intent to engage a permanent successor when I founded Ammo in 2016 and took the reins as CEO,” continued Wagenhals. “Once I spent time with Jared, it became clear to me he could take our company to the next level and beyond, and I am pleased the CEO Succession Committee came to the same conclusion. Jared has impressive leadership skills and knowledge of our company’s targeted marketplace, and he is singularly focused and committed to deliver on the strategic imperative of further strengthening and growing Ammo and GunBroker.com, leveraging our amazing employees and technological market differentiators.”
“On behalf of the Board, the company, and its stakeholders, I would like to thank Fred Wagenhals for his exceptional entrepreneurial vision and his many contributions during his tenure as Ammo’s Chairman and CEO, including the 2021 strategic acquisition of GunBroker.com, the opening of our new state-of-the-art manufacturing plant in Manitowoc, WI in 2022 and attracting and retaining industry-leading executives such as Jared,” said Rusty Wallace, board member, NASCAR Hall of Fame member, entrepreneur, and broadcast analyst. “The entire Board is truly excited to welcome and work with Jared, whose experience as an industry insider, we believe, will only strengthen Ammo’s presence in the marketplace.”
“I am honored to be appointed CEO and look forward to leading this company, our executive leadership team, and our Board toward the continued transformation of our industry,” said Smith. “I have spent almost two decades in the firearm and ammunition sector and have always recognized Ammo and GunBroker.com as best in class for their space and potential. I joined this team because of the raw potential of the operations team’s multiple opportunities to innovate, bring transformative change, and continue the growth trajectory of this company. Fred, the executive team, and I believe numerous and compelling future opportunities for Ammo and GunBroker.com lie ahead, some of which we plan to announce in a Shareholder’s Letter later this week. I look forward to an exciting and successful future for Ammo and GunBroker.com.”
