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American Outdoor Brands Fires CEO Debney For Non-financial Policy Violation

Smith & Wesson owner American Outdoor Brands Corp. (AOBC) said that its President and Chief Executive Officer, James Debney, has stepped down from the company following the determination by the Board that he engaged in conduct inconsistent with a non-financial company policy.

The company did not provide more details on the policy that Debney had violated.

In addition, the company said it has appointed Mark Smith and Brian Murphy as co-Presidents and co-Chief Executive Officers of American Outdoor Brands Corp., effective immediately.

Smith was most recently President of the Manufacturing Services Division of the company, while Murphy was most recently President of the Outdoor Products & Accessories Division.

Meanwhile, the company said it is proceeding with its plan to spin-off its outdoor products and accessories business in the second half of calendar 2020.

The transaction that would create two independent publicly traded companies. Smith & Wesson Brands Inc. would encompass the firearm business. American Outdoor Brands Inc. would encompass the outdoor products and accessories business.

Jeffrey Buchanan, Chief Financial Officer, will continue to serve as the lead executive on coordinating and executing the separation of the two businesses.

Upon completion of the transaction, Smith will become President and CEO of Smith & Wesson Brands, Inc. Also upon completion of the transaction, Brian Murphy, currently President of the company's Outdoor Products & Accessories Division, will become President and CEO of American Outdoor Brands Inc.

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