After 6 years on the helm of REI, the co-op’s president and CEO Eric Artz will retire on the finish of March. His successor, Mary Beth Laughton, will take over the position on February 3 and assume full CEO duties by March 31.
Laughton is a former REI board director who most just lately served as a board member for Instacart and led Nike World Direct to Shopper Gross sales. She’s additionally held management roles with Athleta, Unattainable Meals, and Sephora.
“Mary Beth has the perfect expertise to construct on this basis and to steer REI ahead into our subsequent chapter,” REI Board Chairman Chris Carr stated in a press release. “The world wants a robust REI, and we’re assured Mary Beth will hit the bottom working.”
REI confirmed that Artz’s departure and Laughton’s appointment observe a “deliberate succession course of.”
Eric Artz: REI Legacy
Carr additionally praised Artz for his management throughout what he known as “a number of the most difficult years the retail sector and our co-op ever confronted.”
To make sure, Artz confronted a wide range of unprecedented points in his tenure. He stepped into the position of president and CEO amid a swirl of hypothesis following an inner REI investigation that led to the surprising resignation of Artz’s predecessor, Jerry Stritzke, in 2019.
Lower than a yr later, Artz and the world confronted the COVID-19 pandemic that impacted each sector, upending retail and provide chains. Nonetheless, Artz helped the co-op obtain local weather impartial standing in 2020 and led the model by way of vital social and structural modifications that reshaped the model.
Since 2020, REI has redoubled its efforts to enhance illustration and accessibility in its merchandise, partnering with manufacturers like Out of doors Afro on capsule attire launches and retooling its flagship Magma sleeping luggage to supply extra inclusive “gender-free” sizing choices. And the co-op helped launch the Embark Program to assist BIPOC-led startups by way of a partnership with Based Open air.
However for REI, the final 6 years weren’t with out troubles. In 2022, the co-op was thrust into the nationwide highlight over staff’ well being, security, and tradition considerations when its SoHo, N.Y., retailer pushed to unionize. That effort succeeded regardless of the co-op’s place in opposition to it. Within the ensuing years, the variety of unionized shops grew to 10, with an eleventh retailer awaiting a vote.
Most just lately, Artz made the “tough choice” to finish REI’s Experiences journey journey program after 40 years. In doing so, the co-op eradicated jobs for 180 staff and 248 part-time guides.
Trying Forward
Regardless of latest obstacles, REI stated it’s on observe to fulfill its 2024 targets. It is going to break even on working revenue and almost break even with free money stream, in response to REI managers.
“REI is in a robust place right this moment as a result of [Artz] at all times stored our objective, values, and other people as his north star,” Carr stated.
When she steps in as president on Feb. 3, Laughton will start her tenure with REI by hitting the street to go to shops and distribution facilities. She plans to fulfill in particular person with staff, companions, and neighborhood members, in response to the co-op.
In a letter to staff, Artz expressed gratitude for the assist of REI’s employees whereas reaffirming the co-op’s mission.
“Our shared perception is {that a} life outdoor is a life properly lived; that point outdoors is the place we’re our greatest selves and the place we’re most linked to 1 one other,” Arts wrote.
“Being outdoors means one thing completely different for everybody and our job is to not inform folks what that appears like. It’s to indicate each other and to welcome others, at all times making time outdoors extra accessible to extra folks in additional methods. That’s value preventing for and why I imagine the world will need to have a robust REI. THANK YOU for believing on this energy and sharing your ardour with tens of millions of individuals on daily basis.”
