Grill manufacturer Weber has replaced CEO Chris Scherzinger with an insider on Monday, according to Reuters.
At the same time, the company warned that rising inflation and supply chain pressures could negatively impact its finances and workforce.
The share fell 16 per cent on the news, and so far this year the share is down close to 50 per cent.
The company also predicted a loss for the second quarter, blaming higher consumer prices and geopolitical uncertainty for reduced traffic in stores, as well as margins.
Dropped dividend
Weber, which also suspended its quarterly dividend, said it is now introducing a series of measures, which could include layoffs and an overall cost reduction.
In the first quarter, Weber’s operating profit fell by 7 percent compared to the same time last year, and the company lost 51 million dollars.
The company appointed former CEO of Royal Dutch Shell, Alan Matula, as interim CEO, and stated that the search for a new CEO is underway.
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