Dick’s Sporting Goods Inc. CEO Edward Stack is stepping down from his role as he takes over as executive chairman.
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Stack will be replaced by President Lauren Hobart, who currently oversees the company’s stores, marketing, e-commerce, technology, human resources, legal, and strategy and analytics organizations. Hobart spent 14 years at PepsiCo before joining Dick’s as chief marketing officer in 2011.
“This is the perfect time for this transition,” Stack said in a statement. “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.”
Dick’s on Tuesday reported net income surged 208% year-over-year to $177.2 million.
Consolidated same-store sales rose a record 23.2%, including a 95% increase in e-commerce revenue. Total sales increased 23% to $2.41 billion, fueled by strong demand for workout gear, sporting goods and outdoor equipment amid the COVID-19 pandemic.
Both earnings and revenue figures were ahead of estimates.
Stack, who has served as chairman and CEO since 1984, growing the chain from two stores to more than 850 with almost $9 billion revenue, will remain in his role as chief merchant while also overseeing key growth initiatives.
Shares of the Pittsburgh-based sporting goods retailer were up 19% this year through Monday, outperforming the S&P 500’s 11% gain.