Sturm, Ruger & Company, Inc. named President & Chief Operating Officer Christopher J. Killoy as Michael O. Fifer’s successor to the role of CEO.
The announcement followed the news of Fifer’s planned retirement. Killoy will take over at the next annual meeting of shareholders on May 9, 2017.
The board of directors also voted to increase the number of directors to nine and elected Killoy as a director of the company, effective immediately. Fifer will continue to support the company as vice chairman of the board of directors after his retirement.
C. Michael Jacobi, chairman of the board of directors, stated, “We have been actively involved in succession planning at all levels of the company for many years, and this transition plan comes at a time of strength at Ruger given our excellent management team, strong balance sheet, culture of innovative product development and application of continuous improvement methodologies. Chris is the ideal candidate to become just the fourth CEO in the company’s 67-year history. Chris has a demonstrated track record of success in a wide range of positions at Ruger and other firearm companies over the past 27 years, and he is well qualified to lead our continued growth and development.”
Jacobi continued, “Mike’s leadership over the past 10 years as CEO has been extraordinary. During Mike’s tenure, Ruger’s revenues increased more than four times to $600 million and its market capitalization increased more than six times to $1.3 billion, while at the same time driving shareholder returns eight times that of the S&P 500 Index. Mike has led the transformation of the company’s product line and operations, positioning us as a leader in the firearms industry.”
Killoy joined the company in 2003 as executive director of sales and marketing. He was named vice president of sales and marketing in 2006 and promoted to president and COO in 2014. During this time, he led the marketing and sales effort to record revenues and built a talented management team. Prior to joining the company, Killoy’s career included duty in the U. S. Army and several years at General Electric, Smith & Wesson and Savage Arms in a variety of sales, marketing and general management positions. Killoy graduated from the U.S. Military Academy at West Point in 1981.
“I am deeply honored that the Board has selected me to succeed Mike as Ruger’s next CEO,” said Killoy. “I believe we have the right strategy, the right management team and a bright future. I will work tirelessly to drive our new product development, improve our competitive posture in the marketplace and focus all parts of our business on enhancing service to our customers.”
