For more crisp and insightful business and economic news, subscribe to The Daily Upside newsletter. It's completely free and we guarantee you'll learn something new every day.
After a 36-year run at the helm of Dick's Sporting Goods, Ed Stack is stepping down from his role as CEO.
Looking Back
Dick's Sporting Goods was founded in 1948 by Ed's father, Dick Stack.
Ed and his two siblings took over the operation in 1984, then just a two-location sporting goods store in upstate New York. Under Stack's leadership, the company grew to 850+ stores and nearly $9 billion in revenue.
As competitors including Sports Authority and Modell's folded under pressure from Amazon, Dick's made a successful pivot online (with e-commerce now generating more than $1 billion in annual revenue.)
Stance on Guns: In the wake of the Parkland school shooting, Stack (an outspoken hunter and proponent of the second amendment) made the decision to stop selling semi-automation weapons and to halt the sale of weapons to those under 21.
- The decision was a controversial one in the sporting goods world, with 62 employees quitting in protest.
- Stack said, "we knew the blowback we would have," but has replaced hunting gear with higher-margin items such as kayaks, clothing and sneakers.
Mr. Stack, Dick's largest shareholder, will stay on as chairman and chief merchant. Lauren Hobart, the president of the retailer, will become the company's first woman CEO on February 1st.
10 stocks that could be the biggest winners of the stock market crash
When investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.*
David and Tom just revealed what they believe are the ten best buys for investors right now… And while timing isn't everything, the history of Tom and David's stock picks shows that it pays to get in early on their best ideas.
