AMMO, Inc. Announces Jared Smith as its New Chief Executive Officer

SCOTTSDALE, Ariz., July 25, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced Jared Smith as the Company’s new Chief Executive Officer effective July 24, 2023.

“Today I, along with the Board of Directors, am pleased to announce that industry veteran Jared Smith has been named Chief Executive Officer and will become a Director of AMMO and GunBroker.com,” said Fred Wagenhals, AMMO’s current CEO and Chairman. “I will remain Executive Chairman of AMMO and GunBroker.com and will be a strategic advisor to the Company and Jared to assist in the transition. Jared has been AMMO’s President and Chief Operating Officer since January 2023.”

Jared has spent 17 years working in the firearm and ammunition sector, where he most recently spent more than five years as the General Manager with Fiocchi of America, a global manufacturer of premium ammunition for competition, hunting, and defense applications. During his tenure at Fiocchi, he held multiple positions, including Director of Procurement and Supply Chain, and subsequently, Vice President of International Strategy and Development. As Fiocchi’s GM, Jared maintained full P&L ownership and managed separate manufacturing operations, while overseeing three acquisitions and led Fiocchi’s revenue growth in three short years from $95 million to more than $200 million.

“The CEO Succession Committee of the Board of Directors, in consultation with international executive search firm Egon Zehnder, was tasked with conducting the national search to fill the CEO position,” said Jessica Lockett, Board Member. “We thoroughly canvassed the marketplace for high qualified candidates who possessed what we believed were the extensive set of skills necessary for a CEO to balance. Following this process, it was clear that Jared was the most attractive candidate for the position.”

“I've had the opportunity to get to know Jared over the past few months, and I am confident he combines a strong background, executive skills, and, most importantly, the vision to grow this Company into a true market leader. Jared stands out among the many CEOs I’ve come to know over my own years of experience, and we as a board are excited to welcome him as Ammo Inc.’s CEO and as a member of our board, and we very much look forward to his, and our, future success,” added Christos Tsentas, AMMO director.