Execute Sports, Inc. plans to reorganize its business and to divest portions of its Snow Sports operations including the Academy brand. The goal is to reduce the company's operational cash flow requirements and create a “more efficient path to profitability.” As part of the reorganization, the company's board of directors has appointed Celeste Berouty as president and as a member of the board of directors, while Todd Hahn has resigned from the CEO role and Todd Pitcher has resigned from the president and secretary positions as well as from the board of directors. Geno Apicella, Execute's founder was appointed the new CEO.
Management feels that it makes more sense to focus on its watersports brands and move away from the Snow Sports side of the business. The sale of the snowboard business should “significantly reduce” operating expenses. Apicella said that in addition to the sale of Academy, the company is “currently exploring further strategic options,” to boost revenue and reduce expenses.
