New Era Cap announced that Pete Augustine, President New Era Cap, Inc. has decided to leave the company. After nearly 25 years of service with the privately held headwear company, Augustine is leaving the company by mutual agreement as Chris Koch CEO assumes a more active role. Augustine joined the company in June 1990 as the company’s very first accountant.
During his career, Augustine filled several roles leading him to the role of CFO and ultimately serving as president and helping New Era through several periods of sustained growth.
“Pete has been instrumental in my company’s growth and has contributed to our numerous business deals, partnerships, and acquisitions during his tenure that generated great value to the company. I want to personally thank Pete for his significant contributions and I wish him all the best” commented Koch.
New Era Cap, Inc. will not conduct a search to replace Augustine. Koch will assume the role of New Era President in addition to continuing in his current role as CEO.
“New Era has had a proven track record of success and I am confident this will continue. I’m incredibly excited about our brands future and how New Era is positioned for growth both domestically and internationally over the coming years. I’m certainly looking forward to continuing to be involved in all aspects of our business,” commented Koch.
An article in the Buffalo News didn't disclose the reason behind Augustine's departure but said it follows the hiring last year of Paul McAdam as vice president and general manager of its North American division to help expand New Era into a global lifestyle brand. The company has faced challenges expanding with apparel, the article noted. McAdam was president of Quiksilver from December 2011 to July 2013 and previously led the North American operations of All Saints and Ben Sherman.
