Recreational Equipment Inc. (REI, Seattle) has announced that ceo Dennis Madsen will retire at the company’s annual membership meeting on March 28, 2005. Madsen said he will spend the next 10 months helping to transition the company’s leadership to its current coo, Sally Jewell.
Chairman Bill Britt said Madsen has been in discussions with the board for the past few months about his desire to retire.
“Dennis’ discussions with the board have allowed us the opportunity to thoughtfully consider REI’s future leadership, and we are very pleased that the company has a strong person on its management team ready to assume the top leadership role,” Britt said. “[Jewell] has proven herself as a board member and as a senior executive in the company. It’s a testament to [Madsen’s] leadership that REI has a strong and capable management team ready to carry on the positive legacy that he worked so hard to create”
Madsen, 55, began his career with REI at the age of 17, working as a stocking clerk at the company’s Seattle store (at that time, the cooperative’s only store). Over his years with the company, he has worked in many positions. Prior to becoming ceo in 2000, he served for 13 years as coo, a position in which he oversaw REI’s operating divisions, including the company’s retail and direct sales lines of business, and its marketing and warehousing/distribution functions.
“It’s been an amazing journey from the store stockroom to the ceo’s office, and now it is time to begin the next adventure in my life,” Madsen said. “The time is ideal to transition leadership of REI as the company is experiencing phenomenal success. We are hitting on all cylinders, we are very focused and we are healthier as a business than at any point in the company’s history.”
Jewell joined REI as coo in 2000, after serving as an elected director on the company’s board for four years. She presently oversees REI’s customer-facing divisions including retail, multi-channel programs, direct sales, merchandising and marketing. Prior to her employment at REI, Jewell’s career spanned nearly 20 years in the banking industry, most recently serving as president and ceo of Washington Mutual’s commercial banking group.