Fox Factory Holding Corp. on Tuesday announced Larry Enterline will retire from the role of CEO after eight years with the company, and become executive chairman of the board, on June 29.
Concurrently, Mike Dennison, Fox’s president, powered vehicles group, will become CEO and remain a director on the board of directors. Upon the appointment of Enterline to executive chairman, Dudley Mendenhall will transition from chairman of the board of directors to lead independent director.
Enterline led the company from 2011 through 2018. During that time, Fox expanded its global presence in performance-defining offerings across diverse end markets, growing both organically and via acquisition to increase sales from $197.7 million in 2011 to $619.2 million in 2018. Enterline also played an integral role as Fox transitioned from a private to publicly traded company in 2013 generating a total shareholder return of more than 300 percent during his tenure.
“Larry is an exceptional leader who has guided Fox through extraordinary growth,” said Mendenhall. “In that time, he has developed the foundation for long-term success, building an enduring international brand and an outstanding leadership team that is poised to continue delivering superior performance. On behalf of the board of directors and everyone at Fox, we want to thank Larry for his leadership and look forward to his continued contributions as executive chairman.”
Enterline commented, “It has been my privilege and honor to be a part of the Fox team for the past eight years. I look forward to continuing to work with Mike, the board of directors, and our entire Fox team on strategy and business development initiatives in my new role as executive chairman. Under Mike’s leadership Fox will continue to execute our shared strategic vision for future growth. His vast international operating experience and deep understanding of Fox, our people and diverse end markets make him uniquely qualified to lead Fox into its next phase of growth.
“I am honored to have the opportunity to succeed Larry as CEO and I look forward to continuing to work closely with him during the transition and in the future in his role as executive chairman,” said Dennison. “Fox is a unique company, and it has been my pleasure to work alongside such a high-performing team of people who care about delivering best-in-class, performance-defining products with an authentic brand experience. I thank Larry for his leadership and our collaboration, and I am confident that we are going to build upon our existing accomplishments to generate sustainable growth and value for our shareholders.”