Fox changes CEO and cuts its 2026 sales forecasts

Fox Factory, one of the major manufacturers of bicycle suspensions, is going through a period of changes. The American company has announced the departure of its CEO, Mike Dennison, while also lowering its economic forecasts for 2026. Although the issues affect different divisions of the group, Fox also acknowledges that sales of bicycle products have been lower than expected.

Mike Dennison leaves the management of Fox Factory after seven years

According to Bicycle Retailer and Industry News, Fox Factory announced on Friday, October 16, the departure of Mike Dennison as CEO and board member, marking the end of a phase that began in 2019.

The company has appointed Doug Grimm as interim CEO, while it begins the search for a permanent replacement. Grimm, who was already part of the board, has over four decades of experience in the automotive and industrial sectors.

The transition comes alongside a revision of Fox Factory's financial forecasts, after preliminary results for the third quarter fell short of the company's expectations.

Fox acknowledges a decline in sales compared to its forecasts, also in the bicycle sector

RECOMENDADO

Spotted the new electronic suspension from FOX for XCO: it debuts in Les Gets

This video shows the new 32" FOX fork in action and explains the benefits of this size

32-inch wheels welcome another giant: Continental announces its first tire

“I’m convinced this is the right place for me”: Carapaz joins Andrés Iniesta’s NSN

Free aero gains for your bike: small changes that make you faster

30.5-inch wheels are here: Cube debuts them at the Enduro World Championships

The provisional data for the third quarter of 2026, closed on October 2, points to a revenue of between 336 and 340 million dollars, compared to the 355-380 million that the company had initially projected.

Fox attributes this result to various issues in its business areas. Among them, lower sales and margins from Marucci Sports (a baseball-focused brand), supply chain problems, and rising costs in its motorized vehicle division, as well as operational difficulties in its vehicle customization business.

However, the company also explicitly states that sales of cycling-related products have been weaker than expected, although it acknowledges that their impact on results has been less than that of the other divisions.

This nuance is particularly relevant for the bicycle sector. Fox Factory is one of the main suppliers of suspensions and high-performance components for bicycle manufacturers, so the evolution of this division is one of the indicators of market activity.

Fox lowers its forecasts for all of 2026

In light of this situation, Fox Factory has decided to lower its expectations for the end of the fiscal year. The company now expects to achieve an annual revenue of between 1.350 and 1.380 million dollars, compared to the previously projected 1.420-1.470 million.

It has also reduced its adjusted EBITDA forecasts, an indicator of operational profitability, from 176-196 million dollars to a range of 140-150 million, excluding certain tariff refunds.

However, a significant part of this revision is explained by the sale of Marucci Sports, completed on September 25, so the cut in forecasts cannot be attributed solely to the decline in sales.

The change in management comes at a time when Fox Factory seeks to improve its profitability and adjust its operations to the current market conditions.

The company plans to present its final financial results for the third quarter on November 5, when the evolution of its different divisions will be known with greater precision.