After announcing that they’re going private and that they lost $330 million over the last year, Weber announced more executive changes. This time in the CFO and CEO ranks.
Weber CFO Resigns
If you’re an executive at Weber, keep your resume updated and your head on a swivel. They have now completely turned over their executive ranks, leaving no one in their current spot from before the IPO.
As we noted when Weber named a new General Counsel in October, the most tenured executive in their current role was from November 2021, other than CFO Bill Horton. That can be scratched now because CFO Bill Horton has announced his resignation effective January 31, 2023.
To take over the CFO role on an interim basis, the board has appointed Weber’s Senior Vice President of Finance, Marla Kilpatrick. The only problem there is she announced that she’ll be retiring from the company in early 2023. That leaves Weber to find someone else to fill the CFO role.
We’ll see whether Bill Horton will receive a severance package to add to Weber’s estimated $4 million in severance this year. With a resignation a severance often isn’t given, but the timing of Bill Horton’s departure seems odd, given he has a 3-year employment agreement that began in July 2021.
Weber CEO Now Permanent
The other executive change that Weber made is Interim CEO Alan Matula is now the permanent CEO. He was named the Interim CEO following former CEO Chris Sherzinger’s departure over the summer.
Compensation hasn’t been determined yet for Alan Matula, but as the Interim CEO he was receiving $1.85 million in salary and bonus.