REI’s Matt Hyde Named President and CEO of West Marine

West Marine Board Chairman and Founder Randy Repass said Hyde’s experience at REI prepared him well for his new role.

“He brings a consistent history of growing sales and profits in the outdoor recreational field,” said Repass. “His core values, in support of customers and associates, are the same as West Marine's. We are confident his strong skill set and extensive experience in areas that are key to West Marine's future– including merchandising, marketing, retail and e-commerce operations, have prepared him well to provide outstanding leadership and build on the strong platform Geoff and his team have created at West Marine.”

Hyde joins West Marine from REI, where he most recently served as executive vice president, overseeing more than $1.8 billion in annual sales and 10,000 employees. He was responsible for the company's more than 100 brick-and-mortar stores, Direct-to-Consumer/e-Commerce, marketing and real estate. Matt earlier led the teams that repositioned and successfully grew REI's private label brand.

The appointment comes as West Marine continues a multi-year turnaround engineered by Eisenberg that has hinged in part on opening larger stores than can accommodate an expanded offering of higher margin soft goods for boaters, including private label apparel, an area where REI has excelled. West Marine’s sales of  technical apparel, performance apparel, casual apparel, footwear and apparel accessories, have grown at double digit rates in recent quarters and now account for 7 percent of sales. In the first quarter sales of boating apparel and footwear grew at twice the rate of sales of core products, which include a wide variety of hardgoods such as boats, electronics and navigation equipoment, fishing and other water sports gear, outboard motors, rigging and replacement parts for yachts.

“In looking forward to our 2012 fall and holiday seasons, we're excited about the addition of variety of branded and private label soft goods that will be available to our customers,” Eisenberg told analysts during West Marine’s first quarter earnings conference call last month. “In the past few years, as we've gotten the “for the boater” strategy rolling, our focus was on technical [foul] weather gear, footwear and apparel accessories like sunglasses and hats. This fall, we'll be expanding our efforts into performance outer wear and cold weather merchandise, an area we believe has enormous potential for us in the coming years.”

Hyde said he was extremely excited to join the talented and strong West Marine team.

 

“West Marine is the most successful and respected brand name in the boating equipment industry. Under Geoff Eisenberg's direction, the company completed a superb business model evolution, and my goal is to further strengthen West Marine's ability to create a compelling offering for Customers, while enhancing growth and profitability.”

Hyde has served on a number of trade, business and non-profit boards dedicated to the outdoors and helping the environment. He is currently Lead Independent Director of the Zumiez (ZUMZ) Board and a member of the YMCA's USA Board of Directors.