Remington’s CEO Steps Down
Jon Stokes 08.23.17
Remington has just announced[PDF] that their CEO, Jim Marcotuli, is stepping down after only a year at the company, citing “personal reasons.”
Guns.com has more color on the announcement from the earnings call, along with some statements from Remington:
“The board has commenced an expansive CEO search both internally and externally to find the most qualified candidates who are both passionate and knowledgeable about our industry, customers, and products,” said James Geisler, executive chairman for Remington’s board of directors, during Tuesday’s conference call with investors.
Geisler said they’re looking inside and outside the gun industry. “The goal obviously is to find the best qualified candidate for the job. That can come in many flavors and forms,” he said.
“I don’t rule anybody in or out but I think those would be desirable traits of the next CEO,” he said, but added that the board would be “very interested in candidates that have some familiarity and knowledge of our industry and customer as well as channel partners.”
Remington also announced substantial losses year-to-date on the call, as they’re contending with the same soft sporting goods market that’s currently plaguing everyone from Foot Locker to Cabela’s. It’s not just guns. The entire sporting goods space is in the tank, possibly because it’s one of the last places that’s still dependent on brick-and-mortar retail, and those stores are closing at a higher rate than any time since the 2008 financial crisis.
I’m going on a Remington-sponsored junket to Gunsite in AZ next week, so I may be able to get some more intel on how the company is doing and where it’s headed. In the meantime, best of luck to team green in finding a new leader.