
Beretta Holding operates more than 20 brands and over 50 subsidiaries globally. Beretta Holding is a family-owned group leading the global premium light firearms, optics and ammunition industry and the largest shareholder of Sturm, Ruger & Company, Inc. (“Ruger” or the “Company”), with 9.95% ownership of the Company’s outstanding common stock.
We do not consider Beretta Holding to be a direct competitor of Ruger within the U.S. market. The majority of our sales in the U.S. are focused on shotguns and related products, as well as ammunition and optics. While we also offer rifles and pistols, these categories represent a relatively minor portion of our U.S. business. Furthermore, within the rifle and pistol segments, our Group’s products are positioned differently from those offered by Ruger, and as such, we are not direct competitors in these areas.
From the outset, we have pursued a constructive and substantive dialogue focused on enhancing strategy, financial performance, capital allocation, and governance. We have repeatedly requested meaningful engagement and opportunities to collaboratively explore solutions that could enhance long-term shareholder value.
Our nominees possess operating, capital allocation, industry, capital allocation and public company governance expertise. They are well-equipped to strengthen oversight, introduce fresh perspectives and help ensure that the Company is positioned to deliver value for shareholders. Four nominees on a board of nine amounts to meaningful change but it is not control of the board.
We believe the incumbent directors who recruited and appointed the current CEO have demonstrated an ongoing inability to provide effective oversight and strategic direction. This is the same Board leadership that presided over a decade of sustained underperformance and approved executive compensation structures that failed to align pay with long-term value creation. While recent leadership changes and incremental board refreshment are acknowledged, these actions appear reactive rather than strategic. In our view, the issues are systemic not episodic and incremental adjustments at this stage amount to remediation after the fact rather than proactive stewardship.
Saratoga Proxy Consulting LLC
info@saratogaproxy.com
Longacre Square Partners
Beretta@longacresquare.com