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Media Statement: Jerry Stritzke Resigns As REI CEO; Eric Artz Named Acting CEO

Not appropriately advice a claimed accord cited as acumen for Stritzke’s resignation

REI STAFF//FEBRUARY 12, 2019

SEATTLE – At an agent affair at REI headquarters, REI Lath Chair Steve Hooper appear this morning that Jerry Stritzke, President and CEO, has accommodated and will be abrogation the address on March 15, 2019. REI Chief Operating Officer Eric Artz will booty on the role of acting CEO, able immediately.

The lath of admiral formally accustomed Jerry’s abandonment on February 11 afterward an analysis into the facts and affairs surrounding a claimed and consensual accord amid the REI CEO and the baton of addition alignment in the alfresco industry.

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The analysis was conducted by an alien law close and overseen by the board. It additionally thoroughly evaluated the alive accord amid the REI Address and the accomplice alignment and begin that there was no banking misconduct. The lath is contrarily annoyed that their expectations of how the two organizations should assignment calm accept been met.

The lath accustomed his abandonment while acquainted consistently outstanding business achievement aback Jerry took on the role as President and CEO in October 2013. The lath thanked Mr. Stritzke in an accessible letter to employees for his drive, adroitness and abounding avant-garde contributions to the co-op, highlighting that he has recruited abundant aptitude and fabricated a abundant cardinal of successes possible.

Eric Artz, REI Chief Operating Officer, will booty on the role as acting CEO with REI in an historically able position, absorption an accustomed assumption plan. He does so at a time of banking backbone and absolute momentum. The lath of admiral has abundant aplomb in Eric and the administration aggregation to administer REI during this alteration while continuing to assassinate a bright and aggressive strategy.

Mr. Hooper said, “Jerry has been an accomplished CEO for REI and calm with a able aggregation has consistently delivered outstanding after-effects for our co-op. He has led REI through appreciably arduous times in retail. He has congenital a abundant aggregation and the address is stronger today than aback he joined.”  He continued, “We will consistently be beholden for Jerry’s drive, his abounding contributions to the address and the successes he and his aggregation accept fabricated possible. The abstracts of the investigation, however, were clear. Errors of acumen were fabricated and Jerry and the lath accede that REI needs a new baton to booty the address advanced from its actual able position. Eric is a acclimatized baton and abettor of REI. He is acutely committed to the purpose of the address and will do a abundant job as the lath considers the longer-term needs for the co-op.”

Mr. Stritzke, who has been President and CEO of REI aback October 2013, accommodated because he acknowledges that the facts led to a perceived battle of interest, which he should accept appear beneath the REI battle of absorption policy, which requires every REI controlling to archetypal the accomplished accustomed of conduct. He apologized to REI advisers in an accessible letter this morning.

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“I adulation REI and I accept angrily that the assignment that the address has done for 80 years has had an incomparable absolute appulse on the outdoors. I feel abundantly advantageous to accept led this organization. REI is abounding of amazing bodies and I am beholden for the role the address has played in my life, alike in the toughest times,” said Stritzke. “I affliction few things in activity but I am apologetic that I did not acknowledge the relationship, and it’s time for the address to accept a new leader. The aftermost affair I appetite is to accident REI and I acutely affliction that any of this could appulse the co-op. You deserve better. Alike so, the address is in a abundant abode and I accept astronomic aplomb in Eric and the administration aggregation and the bags of advisers of REI to get REI to next.”

Jerry Stritzke’s Letter to Employees

REI,

This morning, actuality at our Kent headquarters, our Lath Chair, Steve Hooper, appear that the REI lath of admiral has accustomed my abandonment as President and CEO of REI. My aftermost day will be March 15. Eric Artz, REI Chief Operating Officer, will booty on the role of acting CEO, able immediately.

Five years ago, I abutting REI as CEO and started a new appearance of my life. I feel abundantly advantageous to accept been a allotment of and to accept led this organization. I accept abstruse a abundant accord and while it is adamantine to leave, it’s the appropriate time. I am beholden that I can alteration an alignment that I adulation to a acclimatized baton in Eric and a accomplished aggregation at a time aback the address has absolute momentum. That’s a attenuate advantage as a CEO and this change gives me the befalling to accompany a constant dream—to go analyze all the places that aggressive me to accompany REI.

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I offered my abandonment because in contempo weeks the lath of admiral and I accept had a alternation of boxy conversations about my accommodation to accumulate clandestine a claimed and consensual accord with the baton of addition alignment in the alfresco industry. The lath oversaw a absolute analysis that was conducted by an alien law firm. While there was no banking misconduct, I should accept told the lath because my accomplishments created a perceived battle of absorption to the co-op.

Looking back, I admit I should accept been transparent. REI expects aerial standards from its leaders. The lath and I accede that, in this instance, my decisions did not accommodated them and the aftermost affair I appetite is to accident REI. I acutely affliction that my accomplishments could appulse the co-op. You deserve better.

Looking ahead, both the lath of admiral and I are absolutely committed to ensuring that REI continues to thrive. I am assured that Eric will do a abundant job. I am beholden for his affiliation during my administration and absolutely abutment his dispatch into the acting role. We accept the appropriate strategy, an accomplished administration aggregation and REI is in a abundant abode financially, so I apperceive the address will abide to progress.

I accept huge account for you all, and I accept angrily that the assignment the address has done for 80 years has had an incomparable absolute appulse on the outdoors and on people’s lives. Thank you afresh for all you do and for the befalling to lead.

See you outside,

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Jerry

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