REI Co-op submitted a favorable report this week for 2024 results, which reflected the efforts the company undertook to right-size the business; however, the beleaguered outdoor chain specialty retailer took another hit on Thursday, May 8, after a tough year of reorganization at the top, staff cuts and expense cuts.

The co-op, perhaps, feels a sense of loss after three Board of Directors candidates, including two current Board members, were soundly rejected by REI members voting in the Board election.

Employees and organizers of the REI Union effort have taken credit for running a successful and disruptive attempt to reject the candidates put forward by the co-op’s current Board of Directors and offered up their candidates.

Three spots opened up in 2025 as terms expired for Dr. Michael McAfee, chair of the Compensation Committee; Liz Huebner, chair of the Audit and Finance Committee, and Matt Compton, Board member.

  • Dr. Michael McAfee has over 30 years of experience in executive roles in the government, philanthropic and nonprofit sectors. He is the CEO of PolicyLink, a national research and action institute focused on advancing racial and economic equity. He has served on the REI Board for three years.
  • Liz Huebner was formerly the SVP and CFO for Getty Images and has served on several Boards since 2000. She has over 30 years of experience in executive financial roles in telecommunications, technology and media. She has been on the REI Board for six years.
  • Matt Compton is a tech executive, start-up CEO and venture investor with 25 years of operating experience in high-growth digital companies. He is the general partner at Oregon Venture Fund. He has been on the REI Board for 12 years.

McAfee and Huber were standing for reelection while Compton was not. The third candidate to replace Compton was Monica Schwartz, executive vice president and chief digital officer of BJ’s Wholesale Club.

“Today, the REI Union issued a statement after REI announced that all of its unopposed, corporate-backed candidates to serve on its Board of Directors had been soundly rejected by REI members,” the union advocate group posted in a media release. “The announcement follows a massive ‘Vote No’ campaign where the REI Union sent over 115,000 members to the company’s website to vote down the candidates, likely making it the highest turnout for an election in REI history.”

Before the “Vote No” campaign, the REI Union said it campaigned to include environmental leaders, Tefere Gebre of Greenpeace and the AFL-CIO and Shemona Moreno of 350.org on the ballot.

“In spite of over 10,000 co-nominations by REI members, REI refused to put either on the ballot,” the group wrote. “The REI Union is calling on the Co-op to fill two of its three empty board seats with the candidates that members endorsed in the first place–Tefere and Shemona.”

“Even though REI kept my name off this year’s ballot, today’s results are what my candidacy was all about,“ commented Gebre. “I ran for the Board because I wanted to advocate for greater transparency and democracy. The results of today’s election are a step toward making that happen. With three vacancies on the Board, I’d still be happy to serve and work toward making sure workers and members are represented fairly.”

Cascade PBS said co-op members were encouraged to vote “withhold“ to protest REI’s decision to block two union-backed candidates from the ballot, its approach to unionization efforts and the company’s endorsement of Trump’s Secretary of the Interior, which was retracted last month after backlash from members.

Freshly minted REI CEO Mary Beth Laughton noted the election results were “a clear sign to me that we have a big opportunity to actively seek out and listen to what our members and employees are telling us.”

Laughton added, “Going forward, I’m committed to elevating more member and employee voices more regularly.”

The following message is from REI Board of Directors Chair Chris Carr, sent to co-op members on Thursday, May 8.

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Every year, the co-op holds an election to fill open seats on the board. Board directors work with the president and CEO, along with the senior leadership team, to set the long-term strategic direction of the co-op—always keeping our shared values at the center. 

One of the most important criteria for any candidate is that they are an REI member. We need board directors who are passionate about the co-op and our shared purpose to inspire and enable life outside for everyone. Equally important is hands-on executive leadership experience running complex businesses. Our board of directors have an immense responsibility as stewards of an 87-year-old brand and $3.6 billion specialty retailer.

We look for candidates with relevant experience operating businesses of similar size and scale to REI; a demonstrated history of innovation and disruption in the consumer experience industry; and proven effectiveness as a board member. 

Any member may self-nominate for consideration. All self-nominated candidates are considered during the selection process before the board nominating and governance committee presents a final slate of recommended candidates to our members for election.

This year we recommended three qualified candidates for election—two incumbents up for reelection and one new director. Based on the vote totals received during the open voting period, none of the nominees received the required number of votes to be elected to the board.

We are disappointed with the outcome, especially because we are losing two incumbent directors who have been valuable contributors to the co-op for a number of years and one promising new director. Therefore, on behalf of the board, I would like to extend my gratitude and appreciation to them.

These nominees will not be appointed to the open seats. Per our bylaws, these three seats will remain vacant until filled by the board of directors.

Image courtesy REI Union

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See below for SGB Media coverage of REI Co-op’s 2024 results.

EXEC: REI Co-op Halves 2024 Net Loss, Improves Margins, Reduces Inventories