(This story was updated on 7/28/2023)
Vista Outdoor has appointed Eric Nyman as CEO of the company’s Outdoor Products division, following Vista’s move to separate outdoor from its Sporting Products business and create two independent, publicly traded companies.
Nyman was previously CEO and president of Hasbro, Inc, where he worked for 19 years. Nyman also has experience in the outdoor industry, serving in brand management and marketing roles for outdoor apparel and footwear brand Timberland for three years before he joined Hasbro. He will take the reins at Vista on Aug. 21.
Gary McArthur will stay on as interim CEO of Vista Outdoor until the segments are split, then move to chairman of the board of the new Outdoor Products company.
This comes as earlier this year Vista announced a more than $50 million cost savings plan, including office closures, spending cuts, and layoffs across its brands and corporate teams.
According to a news release, Nyman has more than 30 years in the consumer products industry. At Hasbro, he was responsible for all aspects of the business, including innovation, e-commerce, operations, media and marketing, strategic planning, and organizational culture and leadership.
He helped drive e-commerce and consumer direct transformation, integration of digital technology into traditional consumer products, media partnerships, and global brand building, according to Vista.
“It’s an incredible opportunity to lead an iconic portfolio while also joining a purpose-driven company with a compelling mission that connects people to the outdoors in deeper and more meaningful ways,” Nyman said in a release. “The planned separation to unlock shareholder value will generate momentum for our people, brands, and shareholders. I look forward to partnering with our teams, the board, and external stakeholders in the days and months ahead as we take Vista Outdoor, the Outdoor Products segment, and our brands to new heights.”
The name and branding of the Outdoor Products company is expected to be announced soon. Nyman will also serve as a director on the Outdoor Products company’s board of directors.
“Eric Nyman is a seasoned executive with extensive leadership, operational, and marketing experience,” Michael Callahan, chairman of the Vista Outdoor Board of Directors, said in a release. “He is a visionary thinker who is fit to launch and lead the Outdoor Products company. His unique background and skill set, combined with our company’s unmatched portfolio of iconic brands, resilient operating model, and strong balance sheet, positions Outdoor Products to deliver compelling value for our shareholders. I look forward to welcoming Eric in the coming weeks.”
According to the company, Outdoor Products will include CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Fox Racing, Simms Fishing Products, Stone Glacier, QuietKat, and more.
Nyman is expected to hire a dedicated management team in the coming months.
According to Vista, the new company will be better positioned to focus on distribution channels, supply chain management, and logistics. The company’s capital allocation strategy will prioritize growth through the acquisition of “complementary outdoor businesses, opportunistic share repurchases, as well as reinvestment in organic growth through new product development, marketing and expanded e-commerce and international sales.”
The company is on track to execute the separation this year, according to a release. The Form 10 has been confidentially submitted to the Securities and Exchange Commission.
The Vista Outdoor Board of Directors will expand to include the CEOs of each segment, with the additions of Nyman and Sporting Products CEO Jason Vanderbrink, who was hired as segment CEO in April 2023.
