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Kanen Wealth Management LLC delivers letter to Board of Lazydays Holdings (LAZY)

Key Summary: On November 30, 2021, Kanen Wealth Management/Philotimo Fund (8.3%) urged the Board to replace CEO William Murnane, citing underperformance and poor capital allocation despite past stabilization efforts. Kanen called for a CEO with a strong auto industry track record and pushed for stock buybacks and better capital deployment.

Market Cap: $239 million | Lazydays Holdings, Inc. operates recreation vehicle (RV) dealerships under the Lazydays name in the United States.

 

On November 30, 2021, Kanen Wealth Management/ Philotimo Fund disclosed 8.3% and delivered a letter to the stockholders calling on the Board to initiate a CEO search to replace the company’s current CEO, William Murnane. While Kanen believes Mr. Murnane has helped stabilize the company over the previous twelve years, under his tenure the company has underperformed relative to its closest peers and has made poor capital allocation decisions. Kanen believes the Board must initiate a CEO search for an auto industry executive with a track record of significant growth and outperformance. Additionally, Kanen is calling on the Board to repurchase stock and improve the company's capital allocation. Kanen Wealth Management/ Philotimo Fund stated that the company's CEO is a poor allocator of capital.

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