- Dicks Sporting Goods Inc (NYSE: DKS) CEO Ed Stack announced recently that he is stepping down from the company after 36 years and will be succeeded by Lauren Hobart. Stack will continue to work at the company as executive chairman and chief merchant.
Dicks Sporting Goods Inc (NYSE: DKS) CEO Ed Stack announced recently that he is stepping down from the company after 36 years. Stack and his siblings bought Dick’s from their father in the early 1980s when it had just two locations in Upstate New York.
Since then, Stack set up a board of directors at the company, opened up many more stores, relocated the company to Pittsburgh, and took the company public in 2002. Stack also advocated for stronger gun control, especially after the Stoneman Douglas High School shooting that occurred in February 2018. Following that tragedy, Stack announced he would stop selling military patterns semi-automatic rifles.
Going forward, Stack will be the executive chairman of the company and will continue as the chief merchant. Dick’s president Lauren Hobart is going to become the CEO starting February 1.
Currently, Dick’s has over 850 stores and it is hitting nearly $9 billion in annual revenue.
KEY QUOTES:
“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.”
— Ed Stack
“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 and our senior management team.”
“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.”
— Lauren Hobart
“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.”
— Lawrence Schorr, Lead Independent Director of DICK’S
