Three members of Sturm, Ruger & Co.’s board of directors have retired and been replaced, according to a recent regulatory filing by the Southport-based firearms manufacturer.
Sandra Froman, Christopher Killoy and Rebecca Halstead retired from the board on Feb. 22, according to the filing. The company said the departures were not the result of any disagreements related to its operations, policies or practices.
Following the departures, the board elected Aaron Rivers, Stephen Timm and Lorin Cassidy Wolfe to fill the vacancies, effective immediately. Rivers is CEO of Dakkota Integrated Systems. Timm previously served as president of Collins Aerospace. Wolfe is vice president of business systems at Johnson Controls.
The board changes come months after Ruger adopted a one-year shareholder rights plan amid concerns about a growing ownership stake accumulated by Beretta Holding S.A., an Italian firearms manufacturer.
Ruger announced the plan in October after Beretta disclosed it had built nearly a 9% position in the company. Shareholder rights plans — often called “poison pills” — are designed to make hostile takeovers more difficult by diluting the ownership of an acquiring investor that exceeds a specified threshold.
Ruger said at the time the plan was intended to protect shareholders and provide the board time to evaluate Beretta’s intentions.
