A month and a half after reuniting the two halves of Colt – Colt Defense and Colt’s Manufacturing Co. – they have announced a management change. Even though Colt’s Manufacturing Co., or New Colt Holding Co. as it was legally known, was the one bought, it is their CEO, Dennis Veilleux, who will now become the CEO of the reunited company.
While I know the rationale for reunification was to secure the consumer market for Colt Defense in the face of an uncertain and turbulent defense market, one must wonder if the directors of Colt also had in mind new leadership as well. It is one of those things that we’ll never know unless someone privy to the private discussions among the directors makes it public.
The Outdoor Wire has their release and I’ve reprinted parts of it below:
WEST HARTFORD, Conn. – Colt Defense LLC, a leading developer and manufacturer of small arms for the global military, law enforcement and sporting markets, today announced the appointment of Dennis Veilleux as President and CEO effective immediately. Mr. Veilleux was most recently President and CEO of New Colt Holding Corp., which was acquired by Colt Defense last month. Mr. Veilleux replaces Gerald R. Dinkel, who will remain on Colt Defense’s Governing Board.
Commenting on the leadership transition, Governing Board Chairman Daniel J. Standen said, “During his tenure as CEO, Gerry Dinkel has been instrumental in Colt’s transformation into a more diversified business, including the recent completion of the acquisition of New Colt Holding Corp. We are grateful to Gerry for his valuable contribution to the Company and look forward to supporting Dennis Veilleux as the new CEO of the re-unified Colt. Dennis has 27 years of experience in the firearms industry and has achieved considerable success in his stewardship of New Colt Holding Corp.’s growth in the commercial firearms market. We believe this succession positions Colt Defense well to address the different opportunities and challenges faced by the business.”