Fox Factory adds two directors, forms transformation committee

Fox Factory Holding Corp. (NASDAQ: FOXF) announced plans to appoint two new independent directors and establish a transformation committee focused on operational improvements following discussions with activist investor Engine Capital.

The company will add Alan L. Bazaar, CEO and Co-Chief Investment Officer of Hollow Brook Wealth Management LLC, to its board. Engine Capital will identify a second independent director with manufacturing and margin improvement expertise, subject to board approval.

The newly formed Transformation Committee will oversee management's execution of operational improvement initiatives targeting enhanced profitability, working capital efficiency, and disciplined capital allocation. Sidney Johnson will chair the committee, which will include both new directors and an additional existing independent director.

"While we are proud of the premium brand portfolio and innovation capabilities we have built, we recognize the significant opportunity to drive stronger operational execution and translate those capabilities into enhanced financial performance," said Mike Dennison, Fox Factory's CEO.

Engine Capital Managing Partner Arnaud Ajdler said the appointments reflect "a shared commitment to operational excellence" and position the company to drive shareholder value through focused execution and cost management.

Two current board members will retire at the company's 2026 annual meeting. Ted Waitman and Chairman Dudley Mendenhall will step down from their positions.

Fox Factory entered into a cooperation agreement with Engine Capital that includes customary standstill and voting provisions. The agreement will be filed with the Securities and Exchange Commission on Form 8-K.

Bazaar currently serves on the board of Orthofix Medical Inc. (NASDAQ: OFIX) and previously held board positions at several other public companies. He brings experience in value creation and capital allocation to Fox Factory's board.

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