Vista Outdoor, which acquired cycling brands Bell and Giro in 2016, has announced that Chairman and CEO Mark DeYoung is retiring from the company and the Board of Directors, effective immediately. Michael Callahan, Vista Outdoor’s Lead Independent Director, has been named Interim Chairman and CEO.
The Board of Directors is conducting a search for a permanent CEO and has retained a leading executive search firm to assist in the process. The Board intends to consider both internal and external candidates for the position.
“On behalf of the Board and the entire Vista Outdoor team, I’d like to thank Mark for his service and many contributions to the company,” said Michael Callahan. “Mark led the creation of the company that became Vista Outdoor, directed it through its successful spin-off from ATK, and grew it into a diversified global leader in outdoor recreation.
“Given the opportunities and challenges that come with significant change in our industry, and the likelihood that Mark would elect to retire at the end of his employment agreement, the Board and Mark mutually determined that now is the time for a new leader to guide Vista Outdoor in its next phase of growth.
”Therefore, we collectively agreed it was appropriate for Mark to accelerate his retirement plans and for us to begin the search for his replacement.”
Callahan continued, “I’m pleased to step into the role of Interim Chairman and CEO to help support a smooth transition of leadership while the Board conducts a thorough search for the Company’s next CEO. I look forward to working with the company’s excellent team as we remain committed to providing our customers with innovative and high-quality products.
“We will also maintain our focus on expanding our brands’ e-commerce presence, reducing inventory, and driving continuous improvement. Vista Outdoor is well positioned to capitalize on the significant growth opportunities in the outdoor recreation industry, and the Board and I are excited about our future.”
Callahan added, “We recently completed the first quarter of our fiscal year 2018 and, while we will not report results until 10 August, the company had a strong quarter that positions us well to deliver on our full-year financial guidance.”
“After a long and rewarding career, it is now time for me to move on to the next phase of my life,” said DeYoung. “Vista Outdoor is the culmination of a vision focused on creating a world-leading outdoor recreation company. It has been a rewarding experience to have led this great company and seen the organization evolve and succeed. I am proud of Vista Outdoor’s people, brands, portfolio and products, and I am confident in Vista Outdoor’s future. I wish the company’s valued employees and customers all the best.”
Vista Outdoor is a leading global designer, manufacturer and marketer of consumer products in the growing outdoor sports and recreation markets. The company operates in two segments, Outdoor Products and Shooting Sports, and has a portfolio of well-recognized brands. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. Vista Outdoor is headquartered in Farmington, Utah, and has manufacturing operations and facilities in 13 US states, Canada, Mexico and Puerto Rico along with international sales and sourcing operations in Asia, Australia, Canada and Europe.