ANOKA, Minn. — July 21, 2023 — Vista Outdoor Inc. — the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor lifestyle products to consumers around the globe — today announced its board of directors has appointed Eric Nyman as CEO of the company’s Outdoor Products segment and a member of the board, effective August 21.
Nyman, who has more than 30 years in the consumer products industry, joins Vista Outdoor from Hasbro Inc., where he most recently served as president and COO. At Hasbro, he was responsible for all aspects of Hasbro’s business, including innovation, e-commerce, operations, media and marketing, strategic planning, and organizational culture and leadership. Nyman’s time at Hasbro supported significant value creation driven by e-commerce and consumer direct transformation, integration of digital technology into traditional consumer products, media partnerships and global brand building.
“I am honored to join Vista Outdoor as the CEO of the Outdoor Products segment and a member of the Vista Outdoor Board of Directors,” Nyman said. “It’s an incredible opportunity to lead an iconic portfolio while also joining a purpose-driven company with a compelling mission that connects people to the outdoors in deeper and more meaningful ways. The planned separation to unlock shareholder value will generate momentum for our people, brands and shareholders. I look forward to partnering with our teams, the board and external stakeholders in the days and months ahead as we take Vista Outdoor, the Outdoor Products segment and our brands to new heights.”
Nyman has experience in the outdoor industry, serving in brand management and marketing roles for outdoor apparel and footwear brand Timberland. Nyman currently serves on the Virginia Wesleyan University Board of Trustees and previously sat on the Board of the Roger Williams Park Historical Foundation.
“Eric Nyman is a seasoned executive with extensive leadership, operational and marketing experience,” Michael Callahan, chairman of the Vista Outdoor Board of Directors said. “He is a visionary thinker who is fit to launch and lead the Outdoor Products Company. His unique background and skillset, combined with our company’s unmatched portfolio of iconic brands, resilient operating model and strong balance sheet, positions Outdoor Products to deliver compelling value for our shareholders. I look forward to welcoming Eric in the coming weeks.”
Update on Outdoor Products Company
Following the separation, Nyman will oversee the new Outdoor Products Co., whose name and branding will be announced soon. He also will serve as a director on the Outdoor Products Company board of directors. Outdoor Products will be an industry-leading, diversified platform of iconic outdoor brands, including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Fox Racing, Simms Fishing Products, Stone Glacier, QuietKat and more.
With its portfolio of well-known brands, deep customer relationships, operational expertise and shared financial resources, Outdoor Products will be a leading provider of innovative products for outdoor enthusiasts around the globe. Outdoor Products will serve consumers in a diverse and fast-growing set of categories with more than 168 million outdoor recreation participants, and growing.
Outdoor Products will be led by Nyman and a dedicated management team that he will hire in the coming months. The new company will be better positioned to focus on capturing value in distribution channels, supply chain management and logistics. Outdoor Products’ capital allocation strategy will prioritize growth through the strategic acquisition of complementary outdoor businesses, opportunistic share repurchases, as well as reinvestment in organic growth through new product development, marketing and expanded e-commerce and international sales.
Board of Director Appointments
The Vista Outdoor Board of Directors will expand to include the CEOs of each segment, with the additions of Nyman and Sporting Products CEO Jason Vanderbrink, who was elevated to segment CEO in April 2023. Their appointments will enhance continuity and increase readiness for each segment ahead of the planned separation in calendar year 2023.
Gary McArthur will continue serving on the board and as interim CEO of Vista Outdoor until the planned separation later this year. McArthur, whose focus will be completing the separation of Vista Outdoor’s Sporting Products and Outdoor Products segments in calendar year 2023, will become Chair of the Outdoor Products Co. upon completion of the planned separation.
“Eric Nyman is an excellent choice to lead Outdoor Products as a standalone company,” McArthur said. “My focus is supporting Eric and Jason as we enter the home stretch of the planned separation. It has been an honor serving Vista Outdoor and our employees as interim CEO and I look forward to continued collaboration with the leadership teams during the transition and upon my return to the board as an independent director and chairman.”
“The board is appreciative of Gary’s willingness to step in and remain as interim CEO,” Callahan said. “In a short time, he’s taken decisive actions to control costs, improve profitability and prepare each company for the planned separation. We are grateful for Gary’s continued service during the transition and beyond.”
Nyman and Vanderbrink will report to the Vista Outdoor Board of Directors.
On May 5, 2022, Vista Outdoor announced that the company plans to separate its Outdoor Products and Sporting Products segments into two independent, publicly traded companies. The company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders.
The company is on track to execute the separation in calendar 2023. The Form 10 has been confidentially submitted to the Securities and Exchange Commission (SEC).
Posted: July 21, 2023
Source: Vista Outdoor Inc.