CEO Peter Harris to leave West Marine
By IBI Magazine
Peter Harris has resigned as CEO and president of West Marine, according to a statement released today. He will be replaced by Geoff Eisenberg, a former executive at West Marine who held a number of senior positions from 1976 to 1994. Harris' resignation is effective today, though he has agreed to help with the transition period through the end of the year. "Geoff has been closely involved with West Marine for almost 32 years. He knows the company, played a key role in developing our mission and values, and shares our passion for the business and customers of West Marine," said Randy Repass, West Marine Chairman in a statement. "Geoff is a highly disciplined operational strategist and a gifted leader. He has had a hand in shaping our service-driven culture and in formulating our current growth strategy, as both an executive of the company and a member of our board. We are highly confident in his ability to lead the company and drive the next phase of our growth." Repass thanked Harris for his service at West Marine over the past three years. "It has been a tough period for our entire industry," said Repass. "The difficult management decisions Peter had to make along the way have produced encouraging progress on a number of important fronts and set the stage for further operational improvements in the period ahead." Harris oversaw store closures, staff reductions, and vendor reductions at a time when the national marine accessories retailer reported both lagging sales and profits. When he joined the company in January, 2005, the stock was trading at US$27.05 per share. Yesterday, it closed at US$9.20 per share. Despite tough market conditions and several lower earnings guidances for 2007, the changes Harris instituted were beginning to show some results. In its most recent third quarter, the company reported a net income gain of 81 per cent over the previous year. "It is an honor to lead West Marine," Eisenberg said in the statement. "Working with suppliers and industry leaders was always one of the most enjoyable parts of my job. I hope to facilitate and enhance West Marine's ability to partner with suppliers in mutually supportive ways. It will be rewarding for all parties if we can work together to create worthwhile new products and services that provide great benefits to our customers."
(11 December 2007)
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