REI Co-op has announced that its president and CEO, Eric Artz, will resign in March, with Mary Beth Laughton stepping in as his successor. Laughton brings extensive retail experience, having previously worked at Nike, Athleta, and Sephora. The company is experiencing sales declines, with a reported revenue of $3.76 billion in 2023, a 2.4% decrease from 2022, and has faced multiple layoffs in recent years. Leadership is hopeful that Laughton's experience will guide REI towards recovery and future success.
"Eric has led and stabilized REI through some of the most challenging years the retail sector and our co-op ever faced," Chris Carr, chair of the REI board of directors.
"Mary Beth has the ideal experience to build on this foundation and to lead REI forward into our next chapter," Carr added.
"No other company balances purpose and performance quite like REI, and we must ensure it thrives for generations to come," Laughton said in a statement.
REI reported $3.76 billion in revenue in 2023, marking a 2.4% decrease from 2022.
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