Edward Stack, CEO of Dick’s Sporting Goods Inc., resigns as he takes up his role as executive chairman.
Stack will be replaced by President Lauren Hobart, who currently oversees the company’s stores, marketing, e-commerce, technology, human resources, legal services, and strategy and analytics. Hobart spent 14 years with PepsiCo before joining Dick’s as Chief Marketing Officer in 2011.
“Now is the perfect time for this transition,” Stack said in a statement. “We have the best management team in the history of the company, and the investments we have made in our people, stores and communities are paying off.”
Dick’s said Tuesday that net income jumped 208% year-over-year to $ 177.2 million.
Consolidated same-store sales grew a record 23.2%, including a 95% increase in e-commerce revenue. Total sales rose 23% to $ 2.41 billion, fueled by strong demand for training equipment, sporting goods and outdoor equipment amid the COVID-19 pandemic.
Profits and revenues were ahead of estimates.
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Stack, who has served as CEO since 1984, growing the chain from two stores to more than 850 with nearly $ 9 billion in revenue, will remain in his role as chief merchant while overseeing the main growth initiatives.
Shares of the Pittsburgh-based sporting goods retailer are up 19% this year through Monday, outperforming the S&P 500’s 11% gain.