Hibbett Sporting Goods, Inc. announced that the Board of Directors has named Mickey Newsome, President and Chief Executive Officer, to serve as Chairman of the Board. John F. Megrue, Jr. is relinquishing his role as Chairman and retiring from the Board, effective immediately. Mr. Newsome will also remain President and Chief Executive Officer.
Mr. Megrue had been Chairman since 1995, when Saunders, Karp & Megrue, L.P. acquired a controlling interest in Hibbett. Saunders, Karp & Megrue completed the sale of its remaining ownership interest in the Company in May 2003. The Company intends to fill the vacant Board seat.
Commenting on the announcement, Mr. Megrue, stated, “After nine years as Chairman, I felt it was the right time to devote more attention to Saunders, Karp & Megrue's growing roster of investments. Mickey has been instrumental in leading Hibbett from 13 stores in 1980 to a base of 428 today and developing a deep and experienced management team. He is the natural and best choice to lead Hibbett.”
Mr. Newsome added, “On behalf of my fellow shareholders and over 3,000 associates, I would like to thank John for his many contributions to Hibbett Sporting Goods. Our great company would not enjoy the position it does today without his long-term vision and commitment. I am honored to accept this new role with Hibbett.”