Sturm Ruger & Co., the maker of rifles and pistols, said Chief Operating Officer Christopher Killoy will become chief executive officer in May when Michael Fifer retires.
Killoy will become the fourth CEO in the gunmaker’s 67-year history, Sturm Ruger said in a statement Tuesday. He was named president and COO in 2014 after joining the company as executive director of sales in 2003. Killoy, a graduate of the U.S. Military Academy at West Point in 1981, previously worked at General Electric Co. and rival weapons manufacturer Smith & Wesson Holding Corp.
“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,” Chairman C. Michael Jacobi said in the statement. “He is well qualified to lead our continued growth and development.”
In the 10 years Fifer has run the company sales increased almost fourfold, to $614.3 million in the 12 months ended June. Its market value has jumped sevenfold to $1.3 million, according to data compiled by Bloomberg. The shares have gained 16 percent this year.