Camping World Holdings, Inc. (CWH) has named Matthew Wagner, its president since July 2024, as chief executive officer effective January 1 2026. Wagner, who served as chief operating officer from January 2023 to July 2024, will replace long‑time CEO Marcus Lemonis, who will transition to a co‑founder and special‑advisor role. On the same date, Brent Moody, who has been vice‑chairman since May 2025 and has sat on the board since 2018, will become chairman of the board, ensuring continuity in governance as the company moves forward.
Wagner’s appointment follows a period of strong operational execution. Under his leadership as president, Camping World captured a 13.5 % share of the U.S. RV market, driven largely by a surge in used‑RV demand. The company’s focus on high‑margin used vehicles has helped offset headwinds in new‑vehicle sales, while AI‑driven operational efficiencies are projected to deliver $15 million in cost take‑outs in 2026.
The company’s most recent quarterly results, released in Q3 2025, provide context for the leadership transition. Revenue rose 4.7 % to $1.8 billion, a gain powered by a 4.7 % increase in used‑RV sales and modest growth in new‑vehicle revenue. Net loss widened to $29.4 million, reflecting higher interest expense and a one‑time restructuring charge, but adjusted EBITDA surged 41.8 % to $95.7 million, driven by tighter cost controls and a favorable mix shift toward higher‑margin used inventory. Adjusted earnings per share of $0.43 beat consensus estimates of $0.30–$0.31, a $0.12 or 40 % beat, underscoring the effectiveness of the company’s cost‑management program.
Analysts noted that while the earnings beat was impressive, the company’s cautious outlook—highlighted by a modest revenue guidance and a focus on debt reduction—has tempered enthusiasm. BMO Capital reduced its price target to $22 from $25, citing retail softening and a more conservative view of the 2026 outlook.
The succession plan signals confidence in the company’s strategic trajectory. By retaining Wagner, who has deep operational experience and a proven track record of scaling the used‑RV business, Camping World aims to sustain its competitive advantage in affordability and service. Moody’s appointment as chairman brings seasoned board oversight, while Lemonis’s continued advisory role preserves institutional knowledge during the transition. Together, the leadership changes position the company to navigate macroeconomic headwinds, leverage AI investments, and continue to deliver value to its customers and shareholders.
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