Vista Outdoor fires CEO ahead of company spinoff of businesses including Federal Ammunition

Anoka-based Vista Outdoor has fired CEO Chris Metz ahead of a planned spinoff of its ammunition business and on the day it announced fourth quarter and 2022 results.

The Vista board of directors cited a lack of confidence in Metz and appointed board member Gary McArthur as interim CEO effective immediately. Metz, who was named CEO of Vista in October 2017, has agreed to resign as CEO and from the board.

McArthur addressed analysts on the company's earnings conference call and said the reasons for Metz's dismissal did not involve financial reporting or internal controls.

Metz, who was named CEO of Vista in October 2017, has agreed to resign as CEO and from the board.

"It has been an honor to lead Vista Outdoor for the last six years. Vista Outdoor has an excellent team of dedicated employees who will continue to drive the company's future success.," Metz said in a statement announcing his resignation.

Vista, which owns 41 outdoor product and ammunition brands, had planned to spin off its ammunition brands in a standalone company in 2023. The ammunition brands include Federal and Remington. Plans for the spinoff remain in place.

"Vista Outdoor has a clear strategic path and we remain on track to complete the separation of our Outdoor and Sporting Products segments in calendar year 2023," said Michael Callahan, chairman of the Vista Outdoor board, in a statement. "We remain confident that the separation will create two market-leading companies."

McArthur has been a Vista board member since 2018 and has a financial background. He was chief financial officer of an engineering firm CH2M Hill and before that a CFO and financial executive at Harris Corp., a communication and information technology company.

"I look forward to serving as interim CEO at this pivotal time in Vista Outdoor's history," McArthur said in a statement. "The entire board, including myself, has been deeply involved in the oversight and execution of our strategy, and I am confident we will continue to capitalize on our strong momentum."