Smith & Wesson CEO, president step down

[Sven]

http://cbs.marketwatch.com/tools/qu...-8469-9B367A4FDC3B}&siteid=google&dist=google

Smith & Wesson CEO, president step down
12/5/2003 7:58:21 PM

NEW YORK, Dec 5 (Reuters) - Smith & Wesson Holding Corp. (SWB) , the parent company of the handgun maker, said on Friday Mitchell Saltz resigned as chairman and chief executive and Colt Melby stepped down as president.
Smith & Wesson's board named Roy Cuny as chairman, chief executive and president of the company, said the Scottsdale, Arizona-based company.

Cuny has been president and chief executive at Smith & Wesson Corp. since January 2003 and will continue in those roles.

Saltz and Melby, who will receive one year's salary and benefits under their severance package, will remain on the board of directors at Smith & Wesson Holding.

Smith & Wesson Holding said its board adopted a corporate governance plan to improve transparency between the holding company and its subsidiaries. The company's board will be increased to nine members from eight.

 

[westex]

Still not the statement I need to hear to get me to buy a new S&W product.

 

[J Miller]

And for people like me, is this good, bad, or indifferent?

Will it help get rid of the key lock? Maybe get rid of the agreement for real and permanently?

Really, what does it mean? If anything?

 

[George Hill]

Looks like an excellent Cost Cutting move. Trim the fat at the top and leave the bloody works alone for once.
Bravo!
I have to give them credit... at least they didn't do what Remington did... to cut costs they just laid everyone off for December without pay. Merry Christmas.
I bet you anything that the top dogs at Remington still got some Christmas Bonuses.

S&W is doing it's best to win back the customers... I think they are doing a dang good job of it. They still have yet to give a formal written apology for stabbing the rest of the industry and all the american shooters in the back... but realistically they just can't do that. I don't even think they could do that legally.

 

[TheeBadOne]

S&W is doing it's best to win back the customers... I think they are doing a dang good job of it. They still have yet to give a formal written apology for stabbing the rest of the industry and all the american shooters in the back... but realistically they just can't do that. I don't even think they could do that legally.

Agreed

 

[vmi93]

The (former) president of SMITH &WESSON was named COLT?!

No wonder they fired him.

 

[GSB]

I don't even think they could do that legally.

I don't think they can legally reneg on it either (if they can, someone please post the legal argument -- I'd be very interested). I guess some people want the business owners to take a legal bullet to make an abstract point about the actions of the previous owners.

 

[another okie]

1. No one can prevent them from apologizing or saying they were stupid, and nothing in the agreement prevents anyone from saying the agreement is stupid.

No one at Smith and Wesson is interested in saying such a thing, anyway. They think they have broken the boycott, and they mostly have. The high and mighty at Smith always say "That was the old owners and we had nothing to do with that" and refuse to discuss the simple fact that the agreement is still technically in force and needs only an Attorney General willing to enforce it.

2. Any agreement can be broken by the consent of all parties to the agreement. I have myself taken some trusts to court and broken them. Maybe the city of Boston and the feds would not be interested in ending the agreement, but no one at Smith is even trying. There are penalties for just reneging on the agreement.

Smith just hopes we will all forget, and most of us have. If the agreement ever is fully enforced, there will be lots of "I told you so" mixed in among the "Oh, no!"

 

[Standing Wolf]

...and Colt Melby stepped down as president.

Just a coincidence, I'm sure.

 

[enfield]

I don't think they can legally reneg on it either (if they can, someone please post the legal argument -- I'd be very interested). I guess some people want the business owners to take a legal bullet to make an abstract point about the actions of the previous owners.

Then I'm quite ready to regretfully watch them die. I love their handguns, but I detest their management. I won't put a nickel in their pockets until they make that 'abstract point'.