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DICK’S Promotes New CEO as Retailer Reports Strong Q3 Results

DICK’S Sporting Goods has promoted President Lauren Hobart to the roles of President and CEO, as of Feb. 1, 2021. Current Chairman and CEO Edward Stack will assume the role of Executive Chairman and continue as Chief Merchant.

Hobart brings more than 25 years of finance, consumer and retail experience to the role. She joined DICK’s in 2011 as Chief Marketing Officer and was named President in 2017. During her tenure at the company she revamped its marketing efforts and helped drive ecommerce strategy. Prior to joining DICK’S, Hobart spent 14 years at PepsiCo in various leadership roles.

She will be charged with building on Q3 2020 momentum: net sales rose 22.9% year-over-year at the sporting goods retailer, driven by a 95% increase in ecommerce sales. Stores will still be an important part of the company’s future — they were responsible for fulfilling 70% of online sales during the quarter, and generated a 6% same-store sales increase despite the pandemic.

Stack has served as Chairman and CEO of DICK’s since he and his siblings bought his father’s two sporting goods stores in upstate New York in 1984. He oversaw the retailer’s growth to a company with more than 850 stores and nearly $9 billion in annual revenue.

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“This is the perfect time for this transition,” said Stack 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. I look forward to continuing to lead merchandising, product development and several strategic growth initiatives while supporting Lauren as a trusted advisor. She has proven herself to be a capable, innovative and respected leader who has helped drive our business and our culture.”

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