Dive Brief:
- Lifestyle brand platform Solo Brands appointed Laura Coffey as its new CFO and tapped Michael McGoohan to serve in the newly created position of chief growth officer as part of an ongoing effort to revitalize flagging growth, the company announced Monday in a press release. Both appointments are effective immediately.
- Coffey will replace interim finance chief Andrea Tarbox, who took the seat on a temporary basis in December as Solo Brands commenced a search for a permanent financial leader.
- Both appointments are the latest in a series of executive leadership shifts by Solo Brands as it looks to bolster revenue following disappointing sales. In early January, the company said it would “mutually separate” from its CEO and president of five years, John Merris, effective Jan. 15. The company appointed Vista Outdoor alum Chris Metz as its president and top executive also effective that same date.
Dive Insight:
The parent company of Chubbies, Icy Breeze, Solo Stove and Oru Kayak is reconstructing its leadership team after several rounds of departures with the hopes of fostering new growth.
As CFO, Coffey will receive a base salary of $500,000 and will also be eligible for an annual cash bonus with a target of 60% of her base salary and a maximum of 90% of her base, according to an SEC filing. She also received an initial grant of 250,000 restricted stock units and 250,000 performance stock units, subject to vesting conditions, according to the filing.
Prior to joining Solo Brands, Coffey served as CFO of health and wellness retailer The Vitamin Shoppe for three years, according to her LinkedIn profile. She served a 23-year span at retailer Pier 1, holding various roles including executive vice president of e-commerce and business development and executive vice president of merchandise planning and allocations.
McGoohan, meanwhile, is moving to the newly created chief growth officer position after serving as chief marketing officer for Central Garden & Pet, and he has also held key executive roles for companies including Performance Health and Boston Consulting Group.
The newly formed leadership team will take command of the company after it missed on its direct sales projections in the fourth quarter and lowered its full-year guidance. Solo Brands now expects full-year revenue to be between $490 million and $500 million, compared to its previous guidance of between $520 million to $540 million.
Tarbox as interim CFO said sales were partially impacted by lukewarm results related to key marketing campaigns such as a promotion with musician Snoop Dogg for its Solo Stove brand.
