Fox Factory: CEO steps down; interim CEO appointed

What happened

• The company announced preliminary unaudited financial results for the third quarter of fiscal 2026 ended Oct 2, 2026, and updated its outlook in a press release dated Oct 16, 2026.
• On Oct 15, 2026, the board approved a leadership transition plan under which Michael C. Dennison stepped down as CEO and resigned from the board, and the board appointed director Douglas J. Grimm to serve as interim CEO effective Oct 16, 2026.

Key details

• Michael C. Dennison resigned from the board effective Oct 15, 2026; the board size decreased from 7 to 6 members.
• Douglas J. Grimm, age 64, joined the board in Mar 2026 and will continue as a director while serving as interim CEO, but will step down from the audit committee.
• Interim CEO agreement effective Oct 16, 2026: annual base salary $1,065,000; completion bonus $600,000 if he serves at least six months; initial restricted stock unit award target grant date fair value $2,000,000; additional RSU eligibility up to $1,600,000 if employed beyond six months.
• The company expects to enter into a transition agreement with Mr. Dennison, but the board has not approved terms and no definitive agreement was executed as of the filing date; Mr. Dennison will remain employed while discussions continue.

Why it may matter

• Item 2.02 was reported for results of operations and financial condition (preliminary unaudited Q3 fiscal 2026 results and outlook).
• Item 5.02 was reported for departure of directors or certain officers and election of directors (CEO transition and interim CEO appointment).
• The filing does not explain why the insider traded or why the company acted.