Fox Factory Holding Corp. Announces the Retirement of Larry L. Enterline as Executive Chair and the Appointment of Dudley Mendenhall to Independent Chair of the Board

BRASELTON, Ga., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) today announced that Larry L. Enterline will retire from the role of Executive Chair of the Board of Directors (the “Board”) of the Company on April 2, 2021, after being a part of the FOX family for nearly a decade. The Board appointed Dudley Mendenhall, who currently serves as the Lead Independent Director and Chair of the Audit Committee, to succeed Mr. Enterline as the Chair of the Board, effective April 2, 2021. Mr. Mendenhall previously served as Chairman of the Board from July 2017 to June 2019. The Board appointed Jean Hlay, who currently serves as a member of both the Audit Committee and Compensation Committee, to succeed Mr. Mendenhall as Chair of the Audit Committee, effective April 2, 2021.

Mr. Enterline served as the Executive Chair of the Board since June 2019, before which he served as the Chief Executive Officer of FOX for eight years. Under Mr. Enterline’s leadership from 2011 through 2018, the Company achieved outstanding performance with a proven track record of generating strong operational and financial results. He successfully led the organization as FOX expanded its global presence in performance-defining offerings across diverse end markets, growing both organically and through strategic acquisitions. Mr. Enterline also guided FOX through the transition from a private to a publicly traded company in 2013. Under his management, the annual revenue grew from $272.7 million in 2013 to $619.2 million in 2018, generating a total shareholder return of over 400%.

“It has been a privilege to be a part of the FOX family for almost a decade, first as the CEO and then as the Executive Chair of the Board. I consider myself very fortunate to have worked with the most dedicated and talented employees and management team in the industry,” commented Mr. Enterline. “Mike has been instrumental in helping FOX take the necessary actions to succeed in the changing competitive landscape and enter the next phase of growth while remaining committed to preserving the power of the FOX brand.”

Mike Dennison, FOX’s Chief Executive Officer, commented “This year marks my second year as the CEO at FOX and, without a doubt, it wouldn’t have been the same without Larry’s mentorship. I am privileged that Larry and the Board have laid a strong foundation for our future success, which we will continue to build upon, as we look to surpass $1 billion in revenue for the first time. On behalf of the Board of Directors and everyone at FOX, we want to thank Larry for all of his contributions over the years,”