One of the largest sports retailers in the US, DICK’s Sporting Goods recently announced that their Chairman and CEO, Edward W. Stack, will be taking on the responsibilities of Executive Chief and remain as Chief Merchant by February of 2021. The key strategic growth initiatives will also be looked after by Stack.
Mr. Stack and his siblings bought their father’s sports stores in upstate New York in 1984 and started the DICK’s Sporting Goods. Stack has been leading the company as CEO ever since and is now shifting to a new set of responsibilities. The company has developed largely from then. Currently, they own around 850 stores and $9 billion revenue annually. They investments made by the company has resulted in its expansion to one of the biggest sports retails. The enterprise also announced that Lauren R. Hobart will be ascending as the CEO, after attaining a unanimous vote, among the members of the Board of Directors. This will also be effective from the 1st of February, 2021.
“This is the perfect time for this transition. We have the best management team in the company’s history, and the investments we made in our people, our stores, and our communities are paying off. I look forward to continuing lead merchandising, product development and several strategic growth initiatives while supporting Lauren as trusted advisor. She has proven herself to be a capable, innovative and respected leader who has helped drive our business and our culture,” says Edward Stack.
Ms. Hobart stated, “Leading the company that Ed built is truly a privilege and an honor. For nearly 10 years, I have witnessed first-hand, his commitment to DICK’s values, to our teammates, customers and the communities we serve. I am fortunate to have Ed as a mentor and look forward to leading the company into this next phase of growth with Ed as our senior management team. I also want to thank the board and our 45,00 passionate and dedicated teammates who are so pivotal to our success. I am excited to work closely with them and with other members of DICK’s family to continue to advance the business and make a meaningful impact on our communities as we look to the future.”
The Lead Independent Director at DICK’s praised, “Ed’s vision, values and leadership have built a company oof which we are all proud, and DICK’s is well-positioned for growth. This transition process has been in the works for several years with two primary objectives: Ed’s continued involvement in the key areas of the business; and a smooth transition of leadership to a capable and prepared new CEO. Lauren is a valued and forward-thinking leader who has played a vital role in DICK’s success. She embodies all that DICK’s stands for and the board if confident that Ed and Lauren will continue on this successful journey and drive long-term shareholder value.”
Lauren Hobart has worked with PepsiCo. before she joined DICK’s in 2011. She has 25 years of experience with finance, consumers and retail. She was appointed as the President in 2017 and joined the Board of Directors in 2018. This transition in the management team is sure to bring growth and improvement to the company.