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

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

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

geopolitical uncertainty were squeezing store traffic as well as margins.

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

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

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