Vista Outdoor Announces Retirement of Tig H. Krekel from Board of Directors

Rhea-AI Summary

Vista Outdoor Inc. (NYSE: VSTO) announced the retirement of Tig H. Krekel, vice chairman and board member, effective February 27, 2023. The board recognized Mr. Krekel's extensive service by granting him director emeritus status for a year, during which he will offer consultancy when requested. Chairman Michael Callahan expressed gratitude for Krekel's contributions over his 13 years with the company, highlighting the evolution of Vista Outdoor into an industry leader. Vista Outdoor is set to separate its Outdoor Products and Sporting Products segments into two independent companies within 2023, further shaping its strategic direction.

Positive

• Tig H. Krekel granted director emeritus status for one year, allowing him to provide consultancy support.
• Recognition of Krekel's contributions highlights strong governance and continuity in leadership.
• Separation of Outdoor Products and Sporting Products into independent companies expected in 2023 may unlock shareholder value.

Negative

• None.

ANOKA, Minn., March 8, 2023 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor lifestyle products to consumers around the globe, announced that Tig H. Krekel has retired as vice chairman and member of the company's board of directors, effective Feb. 27, 2023. 

Due to his long service to the company and its predecessor company, ATK, the board awarded Mr. Krekel with director emeritus status for one year. During this period, he will provide consultancy advice to the board at the board's request. 

Michael Callahan, chairman of the Vista Outdoor board, said, "On behalf of the board of directors, I thank Tig for his valuable contributions to the board. We appreciate his years of service and dedication to Vista Outdoor, and we wish him the best in his retirement." 

Mr. Krekel said, "I'm grateful to have served as a director of the company for the past 13 years, overseeing the evolution of Vista Outdoor from a strategic concept seven years ago into an industry leader. I look forward to seeing the company's continued success." 

About Vista Outdoor Inc. 
Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Brands include Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fox Racing, Bell Helmets, Camp Chef, Giro, Simms Fishing, QuietKat, Stone Glacier, Federal Ammunition, Remington Ammunition and more. Our reporting segments, Outdoor Products and Sporting Products, provide consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. As Vista Outdoor announced in 2022, the company is separating its Outdoor Products and Sporting Products segments into two independent, publicly traded companies. That plan is on track to happen in calendar year 2023. For news and information, visit our website at www.vistaoutdoor.com.

Media contact:
Eric Smith
720-772-0877
media.relations@vistaoutdoor.com

 

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SOURCE Vista Outdoor Inc.

FAQ

What was announced in the Vista Outdoor press release on March 8, 2023?

Vista Outdoor announced the retirement of Tig H. Krekel from the board of directors, effective February 27, 2023.

What is Tig H. Krekel's new role after retiring from Vista Outdoor's board?

After his retirement, Krekel has been awarded director emeritus status for one year and will provide consultancy advice to the board.

How long did Tig H. Krekel serve on Vista Outdoor's board?

Tig H. Krekel served on Vista Outdoor's board for 13 years.

What is the significance of the split in Vista Outdoor's segments announced in 2022?

The separation into Outdoor Products and Sporting Products is expected to occur in 2023, potentially enhancing shareholder value and focus.