Vista Outdoor Expands its Board of Directors with Two New Members
Vista Outdoor Inc. (NYSE: VSTO) announced the election of two new independent members, Gerard Gibbons and Bruce Grooms, to its Board of Directors during the Annual Meeting on July 26, 2022. Gibbons, with over 30 years at UPS, brings expertise in global supply chain and logistics, while Grooms, a retired Navy Vice Admiral, offers senior executive experience. Their appointments enhance the Board, now with 11 members, contributing to the company's strategic growth and governance.
- Appointment of Gerard Gibbons adds supply chain and logistics expertise to the Board.
- Bruce Grooms' experience strengthens governance and leadership.
- Board diversity includes 18% female and 18% beyond gender.
- None.
ANOKA, Minn., Aug. 10, 2022 /PRNewswire/ -- Vista Outdoor Inc. (NYSE: VSTO), the parent company of 40 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, is pleased to announce the addition of two independent members, Gerard Gibbons and Bruce Grooms, to its Board of Directors. Mr. Gibbons and Mr. Grooms were both elected to the Board of Directors by Vista Outdoor's shareholders at the Company's Annual Meeting of Stockholders on July 26, 2022.
Mr. Gibbons' extensive experience in global supply chain, logistics and marketing will bring tremendous value to Vista Outdoor. Mr. Gibbons previously spent more than 30 years with United Parcel Services (UPS) in a variety of commercial roles. In 2008, he accepted the assignment as President of U.S. Sales, responsible for UPS's most profitable small and medium business customer segment. He was later assigned the role of President of U.S. and SMB Marketing, a position he held until his retirement from UPS in 2021. He holds an MBA from the W.P. Carey School of Business at Arizona State University and a BBA with a concentration in Marketing from Howard University. Mr. Gibbons currently serves on the boards of two private equity portfolio companies and the board of Big Brothers/Big Sisters of Metro Atlanta. Mr. Gibbons will serve as a member of the Audit Committee and the Nominating and Governance Committee of the Board.
Mr. Grooms brings extensive senior-level executive experience in both the private sector and the U.S. Navy. A retired Navy Vice Admiral with more than 30 years of successful executive leadership, Mr. Grooms is currently the Vice President and General Manager of the Marine Services Division for Delphinus Engineering, a privately held company that specializes in ship repair and maintenance. Prior to Delphinus Engineering, he was a Vice President at Raytheon Technologies Corp., heading up all business development activities in support of the Navy and Marine Corps Programs. Until 2015, Mr. Grooms served as a career submarine officer and served as the Commandant of the U.S. Naval Academy, nearly 10 years of which Mr. Grooms spent serving in various roles of increasing responsibility within NATO command. Additionally, Mr. Grooms has served on nonprofit boards and is currently serving as an independent director on the board of Emcore Corp., a publicly traded technology company in the aerospace and defense industry. Mr. Grooms has been selected as a director due to his extensive leadership, corporate governance, and industry experience. Mr. Grooms will serve as a member of Management Development and Compensation and Audit Committees of the Board.
"The directors and I are pleased to welcome these two highly talented leaders as new members of the Vista Outdoor Board," said Michael Callahan, Vista Outdoor's Chairman of the Board. "These individuals will add tremendous value to the organization with their expertise across the public and private sector. We expect great things from our newest directors and look forward to their contributions on behalf of Vista Outdoor and our stakeholders."
Chris Metz, Vista Outdoor CEO, added, "We welcome Gerard Gibbons and Bruce Grooms to the Vista Outdoor Board of Directors, and we are confident they will make an immediate and positive impact on the company's performance. Gerard's background and expertise in supply chain, notably his dynamic 30-plus-year career at UPS, make him a valuable asset as Vista Outdoor navigates an increasingly complex global marketplace. And Bruce's vast experience in the public and private sectors, including several critical leadership roles for the U.S. Navy and large corporations, will serve to strengthen our corporate leadership and governance efforts."
With these appointments, Vista Outdoor's Board of Directors consists of 11 members, including 18 percent female and 18 percent diversity beyond gender.
Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. We serve a broad and diverse range of consumers around the globe, including outdoor enthusiasts, golfers, cyclists, backyard grillers, campers, hunters, recreational shooters, athletes, as well as law enforcement and military professionals. Our reporting segments, Outdoor Products and Sporting Products, provide these consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. Our operating model leverages shared resources across brands to achieve levels of excellence and performance that would be out of reach for any one brand on its own. Brands include Remington Ammunition, Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fiber Energy Products, Bell Helmets, Camp Chef, Giro, QuietKat, Stone Glacier, Federal Ammunition and more. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. For news and information, visit our website at www.vistaoutdoor.com.
Some of the statements made and information contained in this report, excluding historical information, are "forward-looking statements," including those that discuss, among other things: our plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words "believe," "expect," "anticipate," "intend," "aim," "should" and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause our actual results to differ materially from the expectations described in such forward-looking statements, including the following: supplier capacity constraints, production or shipping disruptions or quality or price issues affecting our operating costs; the supply, availability and costs of raw materials and components; increases in commodity, energy, and production costs; seasonality and weather conditions; our ability to complete acquisitions, realize expected benefits from acquisitions and integrate acquired businesses; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories, or other outdoor sports and recreation products; disruption in the service or significant increase in the cost of our primary delivery and shipping services for our products and components or a significant disruption at shipping ports; risks associated with diversification into new international and commercial markets, including regulatory compliance; our ability to take advantage of growth opportunities in international and commercial markets; our ability to obtain and maintain licenses to third-party technology; our ability to attract and retain key personnel; disruptions caused by catastrophic events; risks associated with our sales to significant retail customers, including unexpected cancellations, delays, and other changes to purchase orders; our competitive environment; our ability to adapt our products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; our ability to maintain and enhance brand recognition and reputation; others' use of social media to disseminate negative commentary about us, our products, and boycotts; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury, and environmental remediation; our ability to comply with extensive federal, state and international laws, rules and regulations; changes in laws, rules and regulations relating to our business, such as federal and state ammunition regulations; risks associated with cybersecurity and other industrial and physical security threats; interest rate risk; changes in the current tariff structures; changes in tax rules or pronouncements; capital market volatility and the availability of financing; foreign currency exchange rates and fluctuations in those rates; general economic and business conditions in the United States and our markets outside the United States, including the war in Ukraine and the imposition of sanctions on Russia, conditions affecting employment levels, consumer confidence and spending, conditions in the retail environment, and other economic conditions affecting demand for our products and the financial health of our customers; and risks related to our Planned Separation. You are cautioned not to place undue reliance on any forward-looking statements we make. A more detailed description of risk factors that may affect our operating results can be found in Part 1, Item 1A, Risk Factors, of our Annual Report on Form 10-K for fiscal year 2022 and in the filings we make with Securities and Exchange Commission (the "SEC") from time to time. We undertake no obligation to update any forward-looking statements, except as otherwise required by law.
Media Contact: | Investor Contact: |
Eric Smith | Shelly Hubbard |
Phone: 901-573-9156 | Phone: 612-518-5406 |
E-mail: media.relations@vistaoutdoor.com | E-mail: investor.relations@vistaoutdoor.com |
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SOURCE Vista Outdoor Inc.
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