Duluth Holdings, Inc. announced the retirement of Thomas Folliard as a member of its board of directors.
Folliard informed the company he would not stand for re-election to the company’s board at its 2023 Annual Meeting of Shareholders. He has been a member of the board since 2015 and had served on the company’s advisory board since 1996. Folliard will continue to serve as a director until the close of the 2023 Annual Meeting of Shareholders.
Stephen L. Schlecht, chairman of Duluth Holdings Inc., said, “Tom Folliard has been connected to Duluth for nearly three decades. Tom’s significant business, management and corporate governance experience left an indelible mark on Duluth and its leadership team. His financial acumen and commitment to excellence are unparalleled, and his counsel will be greatly missed. On behalf of our board of directors, I want to extend our sincerest gratitude to Tom for his significant contributions to the company and wish him all the best in his well-earned retirement and all future endeavors.”
Sam Sato, president and CEO, commented, “Tom’s partnership and guidance have been instrumental in building and evolving the Duluth brand and business model. Additionally, his outstanding leadership, experience and business and financial acumen played an important role in guiding Duluth through one of the most unprecedented periods in our company’s history. I am tremendously grateful for all that Tom has done for Duluth and I too wish him all the best in his retirement journey.”
In his communication with the board of directors, Folliard stated his decision was based on retiring and not due to any disagreements or company-related issues.
