Southport-based Sturm, Ruger & Co. – the country’s second-largest gunmaker behind Smith & Wesson – has disclosed a workforce reduction in a letter to employees that was filed with regulators on Friday.
Todd Syfert, the publicly traded company’s new CEO, said the move will cost the company $3 million in “severance and separation-related costs,” but he did not disclose how many employees were let go or when. He said the personnel moves will result in $4 million in annual savings.
“In support of our new structure – which is designed to improve alignment, efficiency, and effectiveness – we made difficult but necessary personnel changes,” he said in the letter marking his 100th day as CEO. “These moves were necessary for us to move forward with clarity and momentum.”
Syfert replaced Chris Killoy, who retired after 20 years with the company, in January.
As of Feb. 1, the company employed approximately 1,780 full-time employees. As of Feb. 1, 2024, it employed approximately 1,820 people, according to Sturm, Ruger’s annual report
Syfert also said a recent “leadership transition” that includes his appointment as CEO will cost the company $3 million this year.
“Over the past few weeks, we have taken on new roles, expanded our responsibilities and even had a few close friends move on from the company – those are the emotional costs, which I understand and support all of you in managing those changes,” he said in the letter, which was filed with the U.S. Securities and Exchange Commission.
According to SEC flings, Kevin B. Reid, Sr. resigned as general counsel and corporate secretary on May 29, but will remain vice president until June 30. He will keep working as senior counsel until his retirement on June 30, 2026. Sarah F. Colbert assumed the role of general counsel and corporate secretary on May 29.
Ruger laid off about 80 workers in August 2024.
The company is also reviewing its management of raw materials and product inventory, Syfert said.
“It is important to note that we are making these strategic decisions now – thoughtfully and intentionally – so that Ruger is positioned for consistency, stability, and profitable growth in 2026 and beyond,” Syfert said.
The company posted a profit of $7.77 million for the first quarter, up from $7.08 million a year earlier.
