Shares of Holley Inc. declined 8.2% to $3.14 in after-hours trading on Monday after the company disclosed a change in leadership and lower-than-expected preliminary fourth-quarter results.
The manufacturer of automotive aftermarket products said late Monday that President and Chief Executive Officer Tom Tomlinson has retired from his positions and will resign from the board of directors.
Michelle Gloeckler has been appointed as the interim president and CEO while the company conducts a comprehensive search for a permanent successor. Ms. Gloeckler has been a member of the board since July 2021 and has over 30 years of experience in consumer-packaged goods, merchandising, sourcing, manufacturing and strategy, the company said.
Matthew Rubel, the company’s current Chairman of the Board, was appointed as Executive Chairman of the Board until a permanent CEO has been selected.
For the fourth quarter, preliminary net sales are between $153 million to $155 million, down from $180 million the year prior. Analysts expected fourth-quarter sales of $167.6 million.
Chief Financial Officer Jesse Weaver said ongoing supply chain challenges and normalizing consumer demand reduced sales during the second half of the year.
The preliminary net loss is between $19 million to $17 million, compared with a loss of $18 million a year ago. Analysts expected a profit of $1.7 million.
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