Weber announces departure of CEO amid waning sales

Weber Inc (NYSE: WEBR) shares tanked 13% on Monday after the company announced departure of CEO Chris Scherzinger amid disappointing sales.

The company named Chief Technology Officer Alan Matula as its interim CEO, effective immediately.

“We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins,” said Kelly Rainko, nonexecutive chair of Weber’s board.

Net sales of the company for the quarter ended June 30 was between $525 million and $530 million.