US retailer Dick’s Sporting Goods has named Lauren Hobart as its new president and CEO, effective 1 February.
Hobart will succeed Edward Stack who has served as chairman and CEO since he and his siblings bought his father’s two small sporting goods stores in upstate New York in 1984.
Stack will assume the role of executive chairman and continue as chief merchant. He will oversee key strategic growth initiatives for the company.
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, Hobart has revamped the company’s marketing efforts and helped drive its e-commerce strategy, among other substantive growth initiatives.
“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,” said Stack.
Dick’s this week hailed an “exceptionally strong quarter from both a sales and a profitability perspective,” reporting net income of US$177.2m, compared with $57.6m last year.
Net sales were $2.41bn, an increase of 22.9% compared to the third quarter of 2019.