The story was first published in our sister publication Shop Eat Surf Outdoor (SESO).
Nate Smith — who drew high praise from Boardriders colleagues during the tumultuous sale of that company for his leadership and steady hand during a challenging time — is the new President and CEO of Tillys. He will also have a seat on the board of directors.
Since September 2024, Smith has served as CEO of Marolina Outdoor, the parent company of Huk Performance Fishing and Nomad Outdoor, a hunting clothing and gear brand.
A former Navy Seal and U.S. Naval Academy graduate with an MBA from the University of Chicago, Smith worked at Patagonia and Oakley, among other companies, before joining Boardriders in 2017.
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Hezy Shaked, Tillys Co-founder, Executive Chairman and current President and CEO, will transition into the Executive Chairman role when Smith joins the company Aug. 18.
“On behalf of myself and the board, we are very excited to have Nate join our leadership team, and I am looking forward to working closely with him as he transitions into Tillys,” Shaked said in a statement. “We believe Nate’s combination of robust industry experience, core values and strategic vision will help revitalize our brand and drive further improvements in our business during this important time.”
Navigating the Boardriders Sale
Smith had one of the more difficult roles at Boardriders because he was based in the Americas and thus worked near representatives from Oaktree Capital Management, the former owners of Boardriders, and the Boardriders corporate leadership team.
Boardriders employees told Shop Eat Surf Outdoor during that time that Smith had tons of pressure and difficult directives pushed on him during the sale and cost-cutting process, but Smith still managed to take the high road.
His former Boardriders co-workers described him at the time as “a stand-up guy,” “an incredible, incredible human being,” “two thumbs up” and “I don’t know how he deals with it all.” Boardriders’ brands eventually sold to Authentic Brands Group.
Leading the Tillys Turnaround
Now, Smith will lead a key industry retailer that is going through difficult times itself. Tillys has reported revenue declines in the past three years, including an 8.6% drop to $569.5 million in fiscal 2024.
Former long-time CEO Ed Thomas abruptly retired in January 2024 after disappointing holiday results, and Shaked was named interim CEO. In September 2024, the interim title was removed.
The challenging results continued, and after same-store sales dropped 11.2% in the most recent fourth quarter, Tillys moved to overhaul nearly every part of its business, including merchandising leadership.
More recently, in the first quarter of 2025, Tillys reported a slight improvement in sales trends, with same-store sales falling 7%.
Irvine, Calif.-based Tillys operates 232 stores in 33 states.
While Smith’s experience is mostly in the wholesale channel, Boardriders operated more than 100 brick-and-mortar stores in the Americas, and the retail team reported to him.
“I am honored to have the opportunity to lead a company like Tillys,” said Smith. “Tillys has had a strong track record of success over its 43-year history, and I am excited to work with Hezy, the board and the team to revitalize and build upon that history.”
According to a Tillys filing this morning with the SEC, Smith’s starting annual base salary is $1 million, and he can earn a bonus equal to 100% of his annual base salary up to a maximum amount equal to 200%.
