RTTNews | Nov 24, 2020 08:08AM EST

08:08 Tuesday, November 24, 2020 (RTTNews.com) - Sporting goods retailer DICK'S Sporting Goods, Inc. (DKS) announced Tuesday that Chairman and Chief Executive Officer Edward Stack will assume the role of Executive Chairman and continue as Chief Merchant on February 1, 2021. He also will oversee key strategic growth initiatives for the company.

Stack has served as Chairman and CEO of DICK'S since he and his siblings bought his father's two small sporting goods stores in upstate New York in 1984.

The company also announced that its board of directors unanimously elected Lauren Hobart, the current President of DICK'S, as President and CEO, also effective February 1, 2021. Hobart's appointment is an important step in the company's long-term succession plan undertaken by the board and Stack.

Hobart brings more than 25 years of finance, consumer and retail experience and spent 14 years at PepsiCo in various leadership roles before she joined DICK'S as Chief Marketing Officer in 2011. She was appointed President in 2017 and joined the board of directors the following year. Prior to PepsiCo, she was at Wells Fargo Bank and at JP Morgan Chase.

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