8-K: Byrna Technologies Appoints Conn Davis as New CEO

Byrna Technologies announces the retirement of CEO Bryan Ganz, the appointment of Conn Davis as his successor, and TJ Kennedy as the new Board Chair, effective March 2, 2026.

Summary

• Bryan Ganz retired as Chief Executive Officer and resigned as a member of the Board of Directors, effective March 2, 2026, in accordance with a Qualified Retirement provision.
• Conn Davis was appointed as the new Chief Executive Officer and a member of the Board of Directors, effective March 2, 2026.
• TJ Kennedy was elected to serve as Chair of the Board, succeeding Herbert Hughes, effective March 2, 2026. Mr. Hughes will continue to serve as a director.
• Conn Davis's compensation package includes an initial base salary of $450,000 per annum, a target annual cash incentive of 100% of base salary ($450,000), a 2026 annual long-term incentive equity grant with a target grant-date value of $750,000, and a performance-based new-hire equity award with a target value of $250,000.
• Davis is subject to executive share ownership guidelines requiring him to hold Company equity with a value equal to three times his base salary within five years of his start date.
• Davis is eligible to participate as a Tier 1 participant in the Company's Executive Severance Plan.
• Bryan Ganz will receive a prorated 2026 target bonus of $123,750, reimbursement for 100% of employer-equivalent COBRA premiums for three months, and up to $20,000 for relocation expenses.
• The exercise period for 66,667 of Bryan Ganz's outstanding stock options has been extended until March 31, 2027.
• Bryan Ganz's 545,000 restricted stock units (out of an original 600,000) have satisfied vesting conditions, with potential for up to 30,000 additional RSUs from share reversions.
• Bryan Ganz will provide advisory and transition services to the Company for an initial term of 30 days, with an option for up to an additional five months, receiving $41,250 for the initial term.
• TJ Kennedy received a pro rata portion of equity compensation for his service as Board Chair.
• Herbert Hughes's full equity compensation for his service as Board Chair for the 2025-2026 annual meeting cycle was accelerated.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a highly positive and well-managed leadership transition, bringing in experienced talent to build on a strong foundation, which should instill confidence in the company's future growth trajectory.

Positives

• Appointment of Conn Davis, a growth-oriented public company executive with deep experience in strategy, product innovation, marketing, eCommerce, and mergers and acquisitions, is expected to drive Byrna's next phase of growth.
• Davis brings a proven track record of successful product launches, measurable efficiency gains, performance improvements, and topand bottom-line growth from his previous roles at MasterBrand, Inc.
• The leadership transition is structured and smooth, with outgoing CEO Bryan Ganz serving as an advisor for up to six months to support the incoming CEO.
• Byrna has demonstrated strong historical performance under Bryan Ganz, growing from $250,000 in annual sales to record revenues of $118 million last year, representing an 84% CAGR over the last seven years.
• The company's strategic shift to a consumer model has resulted in over 775,000 launchers sold worldwide and recognition by Forbes as the 10th Most Successful Small Cap company in America.
• New Board Chair TJ Kennedy brings over two decades of leadership experience in technology, wireless, and public safety, including prior CEO roles at GeoComm and Wrap Technologies, which is valuable for scaling mission-critical technologies.
• The changes are part of a 'broader leadership succession strategy' focused on bringing in a 'new generation of leadership' to unlock future opportunities.

Risks

• The performance-based new-hire equity award for Conn Davis, valued at $250,000, will only vest in full if the volume-weighted average price (VWAP) of the Company's common stock over the final 90 days of the two-year performance period equals or exceeds 156% of the Start Date closing stock price. Failure to meet this condition will result in the forfeiture of the entire award.
• General risks associated with any executive leadership transition, including potential shifts in strategic direction or operational focus, although the filing emphasizes a smooth and planned succession.

Future Outlook

Conn Davis is expected to lead Byrna through its next phase of growth and long-term value creation, focusing on seizing new growth opportunities and expanding the company's product range and channels. The company aims to leverage Davis's experience to take Byrna to the next level.

Management Comments

• Bryan Ganz: "The work we have done since 2018, when we pivoted to a consumer-focused self-defense model, has allowed us to bring Byrnas mission to life by providing less-lethal personal safety options that are safe, reliable, and effective. It has been the highlight of my career."
• Bryan Ganz: "With a strong foundation in place, the time is right to bring in a new CEO with the skills and expertise to take Byrna to new heights. The Board and I have been intensely focused on succession planning, with a focus on bringing in a new generation of leadership to the Company, and I can attest that Conn brings the mix of experience, fresh energy, and skillsets that we were seeking."
• Conn Davis: "I have long admired that Byrnas mission is grounded in a desire to save lives, and I am honored to join as CEO at this important time for the Company. The team has made great strides to position Byrna for the future by expanding its retail presence, successfully launching new products, and scaling and onshoring operations, and I believe we have the right pieces in place to seize new growth opportunities."
• TJ Kennedy: "On behalf of the Board of Directors, I would like to thank Bryan for his invaluable vision and leadership. He has been a key architect of the Byrna story, and we will continue to benefit from his insights throughout this transition."
• TJ Kennedy: "We also are thrilled to welcome Conn as Byrnas next CEO. Conn is a strong leader with extensive experience in strategy and growing operations that will be critical as we continue to expand our product range and channels."

Industry Context

StockSavvy.ai notes that the personal defense technology sector, particularly less-lethal solutions, is experiencing significant growth driven by increased consumer demand for self-protection alternatives. Byrna's strategic transition to a consumer model and its reported 84% CAGR over seven years position it strongly within this expanding market. The appointment of a new CEO with M&A and e-commerce expertise suggests a focus on further market penetration and potential consolidation, aligning with broader trends of strategic growth and digital transformation in specialized consumer goods.

Comparison to Industry Standards

• Byrna's reported 84% CAGR over the last seven years significantly outperforms many established companies in the broader consumer goods and defense sectors, which typically see single to low double-digit growth.
• The company's achievement of $118 million in record revenues and being named the 10th Most Successful Small Cap company by Forbes indicates strong performance relative to its peer group in the small-cap market.
• Conn Davis's background at MasterBrand, Inc., a leading residential building products company, suggests an intent to apply best practices from larger, diversified consumer product companies to Byrna's specialized market, potentially enhancing operational efficiency and market reach beyond typical niche industry standards.
• TJ Kennedy's experience as CEO of GeoComm and Wrap Technologies, both public safety technology companies, provides relevant expertise in scaling mission-critical technologies, which is a valuable asset for Byrna's continued growth in the less-lethal defense market.

Management Changes

Corporate Governance

Related Party Transactions

• Advisory Agreement entered into with Bryan Ganz (outgoing CEO) for transition services, effective March 2, 2026, with compensation of $41,250 for an initial 30-day term.

Stakeholder Impact

• Shareholders: Potential for enhanced long-term value creation under new leadership with a strong growth and M&A background. Continuity ensured by outgoing CEO's advisory role.
• Employees: New CEO brings fresh energy and strategic focus, potentially leading to new initiatives and opportunities within the company.
• Customers: Continued focus on product innovation and expansion of product range and channels, aiming to enhance product offerings and accessibility.
• Suppliers/Vendors: Potential for new strategic partnerships or adjustments based on the new CEO's M&A and operational efficiency focus.
• Creditors: Stable leadership transition and strong financial performance under the previous CEO suggest continued financial health and stability.

Next Steps

• Conn Davis to lead Byrna through its next phase of growth and long-term value creation.
• Conn Davis to work alongside the management team to seize new growth opportunities and take Byrna to the next level.
• Bryan Ganz to serve as an advisor to support the incoming CEO for up to six months.
• Company intends to release select preliminary results for the fiscal first quarter of 2026 consistent with its normal reporting cadence.
• Bryan Ganz to support the slate of nominees for election to the Board at the 2026 Annual Meeting of Stockholders.
• Company to continue expanding product range and channels.

Key Dates

Recommendation

The appointment of Conn Davis, an executive with a proven track record in strategy, product innovation, and M&A, coupled with the smooth transition facilitated by the outgoing CEO, signals a robust plan for Byrna's next growth phase. The company's impressive historical growth (84% CAGR) and strong market position in less-lethal defense provide a solid foundation. The new leadership, including TJ Kennedy as Board Chair, brings diverse and relevant expertise, suggesting a strategic acceleration of market penetration and value creation. This well-executed succession plan, combined with the company's positive trajectory, makes Byrna an attractive investment.

Keywords

CEO transition, executive appointment, corporate governance, Byrna Technologies, BYRN, Conn Davis, Bryan Ganz, TJ Kennedy, executive compensation, less-lethal defense, personal security solutions, strategic growth, Nasdaq