Escalade, Inc. Chairman, President and CEO Walter Glazer, Jr. has notified the company’s Board of Directors that he will likely retire from his current position at the end of 2024. The Board said in a media release that it will lead a comprehensive search for his successor, considering internal and external candidates.
Glazer, a shareholder since 1991 and a Board Director for the past nine years, will continue serving on the Board after his retirement, pending annual shareholder approval. He has served as Chairman of the Board since 2018 and CEO since 2021.
Glazer reflected on his time as CEO, “It has been an absolute privilege and honor to lead Escalade and work with our talented teams during extraordinary times. Escalade is well-positioned for the future while continuing to deliver for our loyal consumers, trade partners, and shareholders. Our mission is ‘connecting family and friends, creating memorable moments and playing life to the fullest.’ My family has supported me while I’ve been away working with Escalade for the past few years. With Escalade in a strong position, it is time for me to reconnect with my own family and create memorable moments with them.”
Under Glazer’s leadership, Escalade saw “significant growth and successfully navigated the post-pandemic return to normalized demand.” Notable achievements include the acquisition of Brunswick Billiards, the implementation of a decentralized, consumer-centric organizational structure accompanied by a robust leadership development program, a focus on capital allocation and strategic optimization of assets, including the recent sale of the company’s Rosarita, Mexico facility, and a commitment to total shareholder return.
Glazer successfully guided the company during and after the pandemic, maintaining “strong operational and financial performance during one of the most challenging periods in recent history.”
Escalade, Inc. reported in July that second-quarter total net sales declined 7.7 percent year-over-year to $62.5 million. The company attributed the decrease to softening consumer demand and channel inventory de-stocking, particularly in the indoor/outdoor games categories; however, the decline was partly offset by growth in the company’s Stiga Table Tennis, Bear Archery, and Brunswick Billiards brands.
“At a category level, our second quarter net sales reflect solid demand for our Stiga table tennis, Bear Archery, and Brunswick Billiards product assortments,” offered Glazer at the time. “However, as we progressed through the second quarter, our retail partners became incrementally more cautious in many categories, opting to keep channel inventory low amid concerns around the pace of consumer demand.”
Ned Williams, lead independent director, praised Glazer’s leadership: “On behalf of everyone at Escalade, I want to express our deepest gratitude for Walt’s leadership and unwavering dedication as president and CEO. Walt’s commitment and outstanding leadership have guided Escalade through a period of unprecedented growth and transformation. His focus on developing future leaders and ensuring that Escalade consistently delivers value to consumers and trade partners has positioned the company for continued long-term success. We are extremely grateful for Walt’s contributions and look forward to working with him during the CEO transition process and beyond as he will continue to contribute to Escalade through his service as a director after his retirement as president and CEO.”
Founded in 1922, and headquartered in Evansville, IN, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment.
Images courtesy Escalade, Inc.
