Dive Brief:
- In a planned transition, DTC platform Solo Brands has appointed Somer Webb as its new chief financial officer. Webb steps into the role on May 16, and Sam Simmons, the company’s previous CFO, will remain at the company to help support the transition, according to a press release.
- Webb most recently served as CFO for sporting goods manufacturer Kent Outdoors, and brings experience from Worldwide Express, DaVita, Match Group, Amazon and Yum Brands.
- The company also announced the addition of two new members to its board of directors, Mike Dennison and Dave Powers.
Dive Insight:
Webb steps into Solo Brands following its recent entry into the stock market and subsequent revenue growth.
In October, the company filed for an IPO to trade under the ticker symbol “DTC” on the New York Stock Exchange. In its first quarterly earnings report in December 2021, the company’s revenue spiked more than 138% compared to the previous year, a period which included its Chubbies and Isle acquisitions.
In the announcement of Webb’s hiring, Solo Brands touted her experience with financial planning, analysis, mergers and acquisitions and her ability to drive growth.
“Somer is a great addition to the Solo Brands team. Her extensive financial experience, combined with her strong leadership skills, will enable her to make an immediate impact on our business,” John Merris, CEO of Solo Brands, said in a statement.
The appointment of a new CFO was an expected move. Simmons’ departure from the company was announced in February, as was the plan for him to stay on with the company until it could find a replacement and ensure a smooth transition
In addition to Webb, the company also highlighted the appointment of its newest board members. Dennison is the CEO of Fox Factory Holdings, and Powers is the CEO of footwear and apparel company Deckers Brands. Powers also worked previously at Converse and Timberland.
In the company’s latest earnings, which were reported last week, its wholesale revenue jumped by over 223% to $22 million, compared $62.3 million to Q1 of 2021, but its direct-to-consumer revenue dipped by 3.3% to $60.2 million, according to its earnings report.
