American sports equipment retailer Dicks Sporting Goods has appointed Lauren Hobart as new CEO from February 1, 2021. Herbert will succeed Edward Stack, who has been the company’s CEO since 1984. Stack will continue as executive chairman and chief merchant.
Hobart’s appointment is a result of the company’s transition that has been developed over a long period of time. Hobart had over 14 years experience with PepsiCo before joining Dick's Sporting Goods as senior vice president and senior marketing officer in 2011. She joins a small circle of female CEOs leading large American retail chains, a group which includes the likes of Michelle Gass of Kohl's and Gap's Sonia Syngal.
Dick Sporting also announced its financial results for the third quarter ended October 31, 2020, a period in which the company saw its net income triple to $177 million. Since the start of the COVID-19 pandemic, the group has benefitted from an increase in demand for home sports equipment, as well as for athleisure apparel. This progress helped compensate for a decrease in sales of school sports uniforms. The retailer's quarterly revenues therefore totaled $2.4 billion, up 23% from $2.0 billion in the prior-year period.
