Nautilus, Inc. announced that, effective March 1, 2019, Chief Executive Officer Bruce Cazenave has resigned from the company. M. Carl Johnson III, chairman of the board of Nautilus Inc., has assumed the role of interim CEO.
Cazenave’s exit comes as the company reported fourth-quarter revenues declined 10 percent due to slower-than-expected revenues from its new digital platform, Max Intelligence.
Johnson will remain in the position while a search is conducted for a permanent CEO. That search, which was underway prior to March 1 in accordance with the company’s existing succession planning procedures, is being conducted by a well-respected international executive search firm.
In addition to his tenure as an independent Board member of Nautilus, Inc. since 2010, Johnson has held senior executive and general management positions in several consumer products companies including Colgate-Palmolive, Kraft Foods, Campbell Soup Company, Del Monte Foods and most recently, Big Heart Pet Brands, now a division of J.M. Smucker Company.
Johnson stated: “Nautilus has an incredibly powerful portfolio of fitness brands and products. While financial results in 2018 interrupted a cadence of strong performance that we have delivered over several years, we recognize that the company needs to continue to invest in innovative products and services to capitalize on its brands. We are especially excited with our new digital platform, which we believe represents the future of fitness.”
Johnson continued: “We fully expect our new Chief Executive Officer will continue to drive and accelerate profitable growth across all of our channels, and foster our innovative culture. I am proud to assume this position on an interim basis while Nautilus completes its search. As Chairman of the Board, I am very familiar with the Executive Team and have the utmost confidence that our team can execute on its business and strategic plans and look forward to working closely with them to improve our results and market position.”
Johnson added, “I would like to take this opportunity to thank Bruce for his 7 years of dedicated service to Nautilus, and wish him all the best in his future endeavors.”
Images courtesy Nautilus