PITTSBURGH, Nov. 24, 2020 /PRNewswire/ -- DICK'S
Sporting Goods, Inc. (NYSE: DKS), the largest U.S.-based,
omni-channel sporting goods retailer, today announced that
Edward W. Stack, Chairman and Chief
Executive Officer, will assume the role of Executive Chairman and
continue as Chief Merchant on February
1, 2021. He also will oversee key strategic growth
initiatives for the company.
Mr. Stack has served as Chairman and CEO of DICK'S since he and
his siblings bought his father's two small sporting goods stores in
upstate New York in 1984. Under
Mr. Stack's leadership and predominantly through organic growth,
DICK'S has become the industry leader, with more than 850 stores
and nearly $9 billion in annual
revenue. Stack has driven DICK'S omni-channel strategy and
investments in logistics and technology, which in 2020 have helped
the company's eCommerce business approach $2
billion in revenue.
The company also announced today that its board of directors
unanimously elected Lauren R.
Hobart, the current President of DICK'S, as President and
CEO, also effective February 1, 2021.
Ms. Hobart's appointment is an important step in the company's
long-term succession plan undertaken by the board and Mr.
Stack.
Mr. Stack said, "This is the perfect time for this transition.
We have the best management team in the company's history, and the
investments we have made in our people, our stores, and our
communities are paying off. I look forward to continuing to lead
merchandising, product development and several strategic growth
initiatives while supporting Lauren as a trusted advisor. She has
proven herself to be a capable, innovative and respected leader who
has helped drive our business and our culture."
"Leading the company that Ed built is truly a privilege and an
honor," Ms. Hobart said. "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 and our senior management team."
Ms. Hobart continued, "I also want to thank the board and our
45,000 passionate and dedicated teammates who are so pivotal to our
success. I am excited to work closely with them and with other
members of the DICK'S family to continue to advance the business
and make a meaningful impact on our communities as we look to the
future."
Lawrence Schorr, Lead Independent
Director of DICK'S, said, "Ed's vision, values and leadership have
built a company of 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 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 is
confident that Ed and Lauren will continue on this successful
journey and drive long-term shareholder value."
Ms. Hobart brings more than 25 years of finance, consumer and
retail experience and spent 14 years at PepsiCo in various
leadership roles before she joined DICK'S as Chief Marketing
Officer in 2011. She was appointed President in 2017 and joined the
board of directors the following year. Since joining DICK'S, Ms.
Hobart has revamped the company's marketing efforts and helped
drive its robust eCommerce strategy, among other substantive growth
initiatives. She has enhanced the company's exceptional customer
service offering and improved the omni-channel customer
experience.
In addition to leading the company through the health and
economic crises this year, Mr. Stack and Ms. Hobart have together
championed the company's support of youth sports through its
groundbreaking Sports Matter initiative. DICK'S and the DICK'S
Sporting Goods Foundation have provided more than $100 million in grants and sponsorships since
2014 to enable more than one million kids the opportunity to play
and to raise awareness and address the issue of underfunded youth
sports programs nationwide.
DICK'S also reported its third quarter 2020 earnings today. The
company looks forward to addressing the leadership transition on
its earnings call today at 10 a.m.
ET.
About Lauren Hobart
Lauren Hobart currently serves as
President of DICK'S Sporting Goods – overseeing the Stores,
Marketing, eCommerce, Technology, HR, Legal, and Strategy and
Analytics organizations. Additionally, she has served on the DICK'S
Board of Directors since January 2018
and is President of the DICK'S Sporting Goods Foundation.
Ms. Hobart joined DICK'S in February
2011 as Senior Vice President and Chief Marketing Officer.
In 2015, Ms. Hobart was promoted to Executive Vice President and
Chief Marketing Officer and later to Executive Vice President,
Chief Customer and Digital Officer. She became President in
2017.
Prior to joining DICK'S, Ms. Hobart had several senior executive
roles at PepsiCo, including Chief Marketing Officer of carbonated
soft drinks in North America.
Prior to PepsiCo, she was at Wells Fargo Bank and at JP Morgan
Chase. From 2014 to 2018, Ms. Hobart served as a member of the
board of directors of Sonic Corp. She currently serves on the Yum!
Brands Board of Directors.
About DICK'S Sporting Goods
Founded in 1948, DICK'S Sporting Goods, Inc. is a leading
omni-channel sporting goods retailer offering an extensive
assortment of authentic, high-quality sports equipment, apparel,
footwear and accessories. As of October 31,
2020, the Company operated 732 DICK'S Sporting Goods
locations across the United
States, serving and inspiring athletes and outdoor
enthusiasts to achieve their personal best through a blend of
dedicated teammates, in-store services and unique specialty
shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf,
Lodge/Outdoor, Fitness and Footwear.
Headquartered in Pittsburgh,
DICK'S also owns and operates Golf Galaxy and Field & Stream
specialty stores, as well as GameChanger, a youth sports mobile app
for scheduling, communications and live scorekeeping. DICK'S offers
its products through a dynamic eCommerce platform that is
integrated with its store network and provides customers with the
convenience and expertise of a 24-hour storefront. For more
information, visit the Investor Relations page at dicks.com.
Contact
DICK'S Sporting Goods, 724-273-5552, press@dcsg.com
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This press release includes forward-looking statements
concerning the Company's expectations, anticipations, intentions,
beliefs or strategies regarding the future. Investors should not
place undue reliance on forward-looking statements as a prediction
of actual results or events. These statements can be identified as
those that may predict, forecast, indicate or imply future results,
performance or advancements and by forward-looking words such
as "believe", "anticipate", "expect", "estimate",
"predict", "intend", "plan", "project", "goal", "will", "will be",
"will continue", "will result", "could", "may", "might" or
any variations of such words or other words with similar meanings.
Forward-looking statements represent the Company's current
expectations regarding future events and are subject to known and
unknown risks and uncertainties, including the risks set forth in
the Company's filings with the Securities and Exchange Commission,
that could cause actual events to differ materially from those
implied by the forward-looking statements. The Company disclaims
and does not undertake any obligation to update or revise any
forward-looking statement in this press release, except as required
by applicable law or regulation.
Category: Company
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SOURCE DICK'S Sporting Goods, Inc.