Performance Bicycle has named Jim Thompson as Chief Executive Officer. The announcement, effective immediately, was made by Performance Bicycle and North Castle Partners, the retailers lead equity sponsor.
Garry Snook, the founder of Performance Bicycle, will remain active in the organization as Chairman of the Board and continue to be a significant shareholder.
Thompson was previously president and CEO of Golfsmith International, a leading multi-channel retailer of golf and tennis products. During his five year tenure as CEO, Thompson was responsible for overall management of the company, including development and implementation of its operating plan, strategic direction and talent management. Under his leadership, the company grew from its entrepreneurial beginnings to become the market leader, with Thompson eventually taking the company public. Prior to being named President and CEO, he served for four years as SVP of merchandising and Retail operations.
“Thanks to the accomplishments of founder Garry Snook, Jim is joining the most popular multi-channel retailer in cycling today,” says Doug Lehrman, Managing Director at North Castle Partners. “We continue to believe there is much growth yet to be realized and Jim with his strong multi-channel retailing experience will provide the key to helping us achieve that. Whether people cycle for enjoyment, as a means of fitness or out of concern for the environment, the number of people cycling each year is increasing and Performance Bicycle is well poised to serve as their retailer of choice.”
“There is a large and untapped audience of consumers whom enjoy recreational cycling,” says Thompson. “We want to reach out and have them embrace Performance Bicycle for all of their cycling needs, just as our core cycling enthusiast audience has done. Thanks to the vision and efforts of founder Garry Snook, we are advantageously positioned to strengthen our leadership as the lifestyle cycling retailer of both the enthusiast and casual rider.”
