Leadership at one of the world’s largest sporting goods companies is going through a major change, as longtime CEO Ed Stack hands the reins to Lauren Hobart.
Stack is a legend in the company, having taken over the business in 1984 from his father, Dick Stack, who was the company’s founder and namesake. Starting in his new role at age 29, the younger Stack grew the firm rapidly and took the company public in 2002.
Stack has now named Hobart as his successor, saying, “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.”
It also doesn’t hurt that Dick’s Sporting Goods is enjoying almost unprecedented growth in spite of … or perhaps partly because of … the COVID-19 pandemic.
Consumers are buying more fitness equipment rather than going to a gym, and Dick’s ecommerce sales have spiked by an astounding 95 per cent during Q3. The company also booked 23 per cent higher same-store sales, and the company’s shares jumped 1.5 per cent on the day of Stack’s announcement, showing investor confidence in the management team.
The company announced that its board of directors unanimously elected president Lauren Hobart to the post of CEO, effective Feb. 1. The move is part of a long-term succession plan that will see current executive chief Edward Stack assume the role of executive chairman while continuing on as chief merchant.
Hobart touted Dick’s brick and mortar operations, whose comps improved by double digits. The company’s stores, she added, fulfilled about 70% of online sales and approximately 90% of total sales growth in the quarter, whether it was a purchase at the register, picked up curbside or delivered through its ship-from-store service.
“Our stores continue to be the hub of our industry-leading omnichannel platform and were the key to our unprecedented third quarter growth,” she said. “Data science and technology will continue to play an important role in creating a personalized, one-to-one relationship with our athletes, enabling us to serve them in the most convenient way possible.”