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Thanks, Dad
Sturm, Ruger head, 83, hands reins to
60-year-old son
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Business New Haven
10/30/2000
By: BNH
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FAIRFIELD - The flamboyant head of the nation's largest gun manufacturer will step down after more than half a century.
William B. Ruger, 83, will turn over the reins as chairman and CEO and of Sturm, Ruger & Co. to his 60-year-old son, William B. Ruger Jr. The senior Ruger will remain on the board of directors as chairman emeritus.
Sturm, Ruger designs, manufactures and sell firearms and precision metal investment castings. The firm manufactures 29 different types of firearms in four industry categories: rifles, shotguns, pistols and revolvers. Sturm, Ruger also manufactures titanium, ferrous and aluminum castings for a wide variety of markets, including sporting goods, commercial and military.
Ruger founded the company in 1949. It became profitable one year later - and has remained profitable ever since. “He has never gone to the bank,” said Vice Chairman and President Erle G. Blanchard in a published report.
In the last year Sturm, Ruger earned $32.8 million on revenues of $224.6 million - a return of nearly 15 percent. The company employs nearly 2,000 workers in the Southport section of Fairfield, as well as manufacturing facilities in Arizona and New Hampshire.
In addition to naming Ruger junior chairman and CEO, the Sturm, Ruger board elected Stephen L. Sanetti vice chairman, senior executive vice president and general counsel; and Erle Blanchard vice chairman, president, chief operating officer and treasurer.
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