SilencerCo Shakeup: Waldron and Shults Step Down

The New Year brings changes for SilencerCo. In a press release today, SilencerCo's board announced Josh Waldron and Jonathan Shults will step down from their roles as CEO and president, respectively. The latest leadership changes come only months after Jason Schauble resigned as president of the company this past November.

Waldron is a vocal proponent of proposed legislation, called the Hearing Protection Act, that seeks to reduce the regulatory and tax burden of silencer ownership. He is also a board member of the American Silencer Association, a silencer industry lobbying group.

It's clear the silencer industry is in the midst of a massive contraction caused by consumer's hopeful anticipation of relaxed regulation sought by the ASA, silencer manufacturers, and other groups. That downward sales pressure is forcing companies to adapt in ways that may be challenging. This latest leadership drama comes on the heels of the loss of the company's president in November, which itself followed a fall layoff that followed a large workforce layoff earlier in the year.

Reduced sales, continuing layoffs, and little meaningful movement on pro silencer legislation add up to a bleak outlook for SilencerCo in the short term.

As posted today on Business Wire:

WEST VALLEY CITY, Utah–(BUSINESS WIRE)–SilencerCo, the nation’s leading designer and manufacturer of firearm suppressors (“silencers”), announced a change in company leadership effective January 3, 2018. Joshua Waldron will step down from his CEO position, and Jonathon Shults will step down from his role as President. Co-founded in a garage in 2008 by Waldron and Shults, SilencerCo has grown to be an industry leader, controlling the majority of sales of firearm suppressors and related accessories. The company has garnered the attention of gun enthusiasts, the business community, and even lawmakers, as Waldron and Shults, and hundreds of dedicated employees, have worked together to perfect their trade while also effecting social awareness of gun rights.

Mr. Waldron will continue his relationship with SilencerCo as Senior Advocacy Advisor, where he will focus his energy on firearm legislative advocacy, an area in which he excels. Mr. Shults will assume a new role as SilencerCo Chief Operating Officer, where he will oversee day-to-day operations and remain heavily involved in his areas of expertise, including R&D and product innovation. Both Waldron and Shults will serve on the SilencerCo Board to stay involved with the overall direction of the company. They each remain the company’s two largest equity holders.

Mr. Waldron stated, “After years of grit and hard work, SilencerCo is poised to succeed. It is now time for me to turn my focus to advocacy for the company and its industry. Resigning from my current duties as CEO will allow for more time spent in the legislative arena, furthering the scope and influence of SilencerCo products in the future.” Mr. Shults stated, “SilencerCo is responsible for suppressor industry innovation. As Chief Operating Officer, I look forward to working with our team to ensure that we stay at the forefront of firearm suppressor design and technology.”

The SilencerCo Board is currently engaged in a search for a CEO and will make an announcement regarding this position as soon as it has been filled.

More information about SilencerCo can be found at www.silencerco.com.

 

Jonathan Shults, former SilencerCo President

RECOIL’s Rob Curtis contributed to this report.

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