Sturm Ruger Falls After Gunmaker Surprises With CEO Succession
- Fifer to retire in May after 10 years as chief executive
- Retirement ‘caught the market a little by surprise’: investor
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Sturm, Ruger & Co. declined the most in two months after unexpectedly announcing that Chief Executive Office Michael Fifer will retire in May and be replaced by Chief Operating Officer Christopher Killoy.
The gunmaker hadn’t given any indication that Fifer, who was 58 as of a Feb. 24 corporate filing, was planning to step down during its May 3 annual meeting. The announcement came after the market closed Tuesday when the company announced second-quarter earnings.