Academy Sports + Outdoors selected James Kevin (J.K.) Symancyk, formerly president of Meijer Inc., as its next president and CEO to lead the next phase of its growth.
Symancyk, 43, joins Academy after several years serving as president at Meijer Inc., where he led the multi-billion Midwestern superstore's daily operations. He officially takes over on Nov. 2.
Symancyk was credited with leading the $15 billion retail chain “through a tremendous positive growth phase that resulted in nearly three years of positive comp growth, new market expansion and the development of a long-term diversification strategy.” In particular, his time as president was marked by Meijer’s $750 million expansion into Wisconsin. Prior to joining Meijer, he served in various leadership roles at Sam’s Club, which is part of Wal-Mart Stores Inc.
In early June, Academy indicated it had begun planning for the succession of its president and CEO, Rodney Faldyn, who joined the retailer at CFO in 2006. Faldyn was appointed CEO when Kohlberg Kravis Roberts & Co. L.P. (KKR) acquired a majority stake in Academy from the founding Gochman family in August 2011.
Under Faldyn’s leadership and with KKR’s help, Academy grew its store count by 50 percent, launched a new e-commerce platform, implemented a new Oracle retail management system, and drove strong performance by doubling cash flow from earnings.
“I'm humbled and thrilled by the opportunity to become a part of the Academy Sports + Outdoors family, and I feel fortunate to be succeeding such a charismatic and accomplished leader as Rodney,” said Symancyk. “The future for Academy Sports + Outdoors is truly limitless, and I'm eager to ensure we continue offering customers convenience, a broad selection of quality products and exceptional customer service as we strive to remain the low price leader in our category. I'm looking forward to getting to know our associates and vendors as we collaborate to become the national, regionally relevant, locally merchandised, sporting goods, outdoor and lifestyle retail store of choice.”
Symancyk is expected to continue to Faldyn's move to further expand Academy outside of Texas, its home state where it still has around a third of its store base. Under his watch, the company opened its first North Carolina and Kansas locations and added e-commerce to academy.com. In 2014, Academy launched an expansion of its corporate office and distribution center in Katy, TX. It also in recent years inked marketing deals with the St. Louis Cardinals, Kansas City Royals, Orlando City Soccer Club, University of Louisville, University of Kentucky, University of Memphis, University of Florida and Florida State University as it has reached those markets.
The company had 133 stores when Faldyn took over as CEO in 2011 and now has just over 200. Its stores are located in 15 states: Alabama, Arkansas, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Other key members of Academy's executive team include Robert Frennea, EVP and chief merchant officer; Ken Attaway, EVP and COO; and Michael Hazel, EVP and CIO.
“It has been my honor and privilege to lead the Academy Sports + Outdoors team for the last decade,” said Faldyn. “I'm tremendously proud of how we've strengthened our market position, expanded our store footprint and invested in talent and infrastructure. I'm confident that J.K. will fully embrace the Academy culture, drive future growth and continue to provide amazing customer service through our 200+ stores and online. I look forward to watching the company's continued evolution and accomplishments over the next several years.”
“Academy Sports + Outdoors has had a tremendous growth trajectory during the time of our ownership,” said Nate Taylor, Academy’s chairman of the board of managers & KKR head of retail, Americas. “We are grateful to Rodney for his innumerable contributions and leadership. J.K. is an exceptional retail strategist with a strong business and financial acumen and proven track record of success. We believe that he will strengthen an already talented management team and enhance a corporate infrastructure that is well positioned for the future. We are also confident in J.K.'s commitment to delivering exceptional customer service, maintaining everyday low prices, fostering team culture and developing Academy's omnichannel retail environment.”
With $4.3 billion in estimated sales in 2014, Academy is now the second largest full-line sporting goods chain in the U.S. In recent years, the company has jumped ahead of The Sports Authority, which closed some locations in the past year and had sales of $3.4 billion in 2014.
Dick's SG leads the way with $6.5 million in sales for its flagship chain last year but Ed Stack, Dick's SG's CEO and chairman, often lauds Academy in conversations with analysts as its toughest direct competitor.
Some reports said Symancyk’s hiring suggests KKR could be positioning Academy for a long-awaited inital stock offering. In mid-June, Academy priced a $1.85 billion debt issue that included a $200 million dividend recapitalization to benefit KKR.
Symancyk doesn't appear to have direct experience overseeing any traditional sporting goods category although Meijer is known for its broad and eclectic mix, carrying national athletic brands such as Fila, New Balance and Reebok not carried by other superstore competitors like Wal-Mart and Target. Earlier in 2015 it added Keds to its footwear lineup and it’s also currently rolling out a number of spatial Skechers in-store shops.
Symancyk joined Meijer in 2006 in a senior merchandising role and advanced quickly to become EVP of merchandising and marketing and then COO. As COO, he oversaw retail operations, supply chain, manufacturing, merchandising and marketing. He became Meijer Inc.'s youngest company president in February 2013.
Symancyk had been recruited from Sam’s Club, where spent 12 years, rising to divisional merchandiser manager over fresh foods.
Symancyk is also apparently active within the retail community, speaking at The Global Summit 2015 in New York this past June about how Meijer had been able to connect with Millennial consumers.
“Symancyk was “one of those once in a lifetime leaders,” Jose Tamez, an executive recruiter with search firm Austin Michaels, told Supermarket News last week.
“When he arrived at Meijer from Bentonville there was skepticism as to how successful a Wal-Mart person could be at a family owned rival,” Tamez told the grocery trade magazine. “To his credit and his nature, he assimilated quickly and went on to do what no outsider had done before, rise up quickly and become part of the fabric of Meijer’s culture.
Meijer said in a statement about Symancyk's departure, “While we will miss working with J.K., we are very grateful for the nine years that he gave us his talent and leadership, during which the Meijer team has produced record sales and profit, as well as increased market share. We wish J.K. and his family all the best as he takes on this new challenge.”
