Weber replaces CEO, warns of layoffs amid growing inflationary pressure

Weber Inc on Monday replaced top boss Chris Scherzinger with an insider and warned that mounting inflationary

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supply chain pressures could hit the grill maker's financials and workforce, sending its shares down 20 per cent in premarket trading.

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The company withdrew its fiscal 2022 net sales and core earnings forecasts, saying higher consumer prices

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geopolitical uncertainty were squeezing store traffic as well as margins.

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Weber, which also suspended its quarterly cash dividend, said it was pursuing a number of initiatives,

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which may include job cuts, reducing expenses and tightening its inventory levels.

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The company also forecast a net loss for the quarter ending June 30, citing weak store traffic and higher discounting.

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