West Marine, Inc. reported that West Marine's CEO, John Edmondson, has announced his plans to retire from his current role at a future date to be determined. Mr. Edmondson stated, “I am proud of what we have accomplished at West Marine in the building of a solid foundation, strategies and executive team to insure continued growth in earnings, sales, and market share.”
“I believe that a new CEO would be the best person to lead the Company going forward in the next phase of its growth and as a result have informed the West Marine Board of Directors of my decision not to renew my contract, which expires in 2005.”
The Governance and Compensation Committee of West Marine's Board of Directors has appointed a Search Committee to identify a new CEO capable of building on the Company's current success. Mr. Edmondson is eager to continue with West Marine until such time as the search is concluded and his replacement has been fully integrated into the Company.
Randy Repass, Chairman, said, “Our Board, our talented team of associates and I are all very grateful for the leadership that John provided the past 6 years. John has built a very strong executive team and significantly strengthened West Marine's support functions. Since John joined us our store count has increased from 212 to 365, sales have grown at a compound annual growth rate of 6% and earnings per share have grown at a CAGR of 37%.
“In our next CEO we are looking for a strategic professional who will continue the Company's successful growth and take West Marine to the next level of excellence. Because we have such a strong team and the Company is so sound, we are confident that this CEO transition will be seamless.”
