Execute Sports, Inc. plans to reorganize its business and to divest from its snow sports operations including the Academy Snowsports brand with the goal reducing the company's operational cash flow requirements and creating a more efficient path to profitability.
Geno Apicella, Execute's founder and newly appointed Chief Executive Officer, commented that “It makes the most sense for us to focus on maximizing revenue through the water sports business by leveraging our existing relationships with current vendors and buyers, as opposed to investing into completely distinct markets concurrently. We intend to pursue discussions with interested third parties in selling the Academy Snowboard Co. brand and trademarks and will be committed 100% in 2007 to building our water sports business and to creating a profitable water sports company.” Apicella commented further that “as a result of the divestiture of the snowboard business we will be able to significantly reduce the cost of operations and we are currently exploring further strategic options that we hope will create a greater opportunity for the Execute water sports business to flourish.”
As part of the reorganization, the company's board of directors has appointed Celeste Berouty to President and to the board of directors, while Todd Hahn has resigned from the Chief Executive Officer role and Todd Pitcher has resigned from the President and Secretary positions as well as from the board of directors.
