Yeti Holdings, Inc. announced that it has appointed J. Magnus Welander and Arne Arens to its Board of Directors effective March 24, 2025. The company also announced that it has entered a cooperation agreement with stockholder Engaged Capital, LLC.
The appointments of Welander and Arens will increase the size of Yeti’s Board to 10 members, nine of whom are independent, and are said to “reflect to represent the company’s ongoing Board refreshment efforts, focused on further aligning director experience and skillsets with Yeti’s strategy and future opportunities.”
In addition to collaborating with Engaged on this latest round of Board refreshment, Yeti management has held extensive discussions with the firm about their shared goals of accelerating growth and enhancing stockholder value.
Robert K. Shearer, chair of the Yeti Board, commented: “We are pleased to welcome J. Magnus and Arne to the Yeti Board and appreciate the role Engaged Capital played in identifying Arne as a prospective Board member. These appointments are part of our comprehensive and ongoing refreshment process, and we are confident that J. Magnus’ and Arne’s extensive experience and knowledge of consumer brands will be complementary additions to our Board. We look forward to benefitting from their perspectives as we remain focused on driving growth and delivering sustainable value for our stockholders.”
Matt Reintjes, president and chief executive officer of Yeti, noted: “We continue to build upon our proven history of expanding the Yeti brand and product portfolio, delivering high-quality growth, and exceptional cash generation. The addition of J. Magnus’ and Arne’s collective experience leading relevant, global consumer brands complement our strategy and our Board. I look forward to partnering with J. Magnus and Arne as we grow Yeti globally.”
Welander added, “It is a privilege to join the Yeti Board at this exciting time. I look forward to contributing by working with my fellow directors and management to ensure that Yeti capitalizes on its strong brand position and momentum, explores new avenues of growth and drives innovation to meet the evolving needs of its customers.”
Arens added, “Yeti is a leading brand with incredible potential, which is one of the reasons I am excited to join this Board. Together with the management team and my fellow Board members, I intend to help advance the company’s objectives, support innovation, expand its customer base, and drive profitable growth.”
Glenn W. Welling, founder and CIO of Engaged Capital concluded, “We are pleased to have worked constructively with Matt and the Board and support these director appointments. Yeti leadership has built a great business, and we invested in the company based on the strength and extensibility of the brand. Arne and Magnus both have decades of experience positioning leading outdoor brands to grow into new categories and geographies. Their counsel will be invaluable to the management team as it executes on a strong plan to materially expand the product portfolio and enter new countries around the world.”
Yeti engaged Goldman Sachs as its financial advisor, O’Melveny & Myers LLP as legal counsel, and Joele Frank and Wilkinson Brimmer Katcher as strategic communications advisors. Engaged works with Olshan Frome Wolosky LLP as legal counsel and Longacre Square Partners LLC as an advisor to Engaged.
J. Magnus Welander is the former CEO of Thule Group AB. Before Thule, he was Group CEO of the global pharma logistics company Envirotainer and held various managerial positions at the global food processing and packaging company Tetra Pak. He serves as board chairman at Mips, Embellence Group and Eleiko Group. He has a degree in Civil Engineering from the Institute of Technology at Linköping University.
Arne Arens is the former CEO of Boardriders, Inc., a portfolio of performance, lifestyle, and footwear brands geared toward action sports enthusiasts. Before Boardriders, Arens served in roles of increasing seniority at The North Face, a subsidiary of VF Corp. Before joining The North Face, Arens served in various executive roles with Nike, Inc. in Europe. He holds a bachelor’s degree in communication science and business administration from the University of Amsterdam and an EMBA from Northwestern University.
Image courtesy Yeti
