Remington has announced a major management shakeup today.
Chairman and CEO George Kollitides II is stepping down to “pursue other interests,” while Chief Financial Officer Ron Kolka is announcing his retirement along with Directors Walter McLallen and James J. Pike.
ROC co-lead Director Marco Marcotuli has been appointed President and Chief Executive Officer, while Board member Jim Campbell has been appointed Vice Chairman of the Board. Jeff Pritchett is joining the board of directors to fill one of the vacated director slots.
A search is being formed for a new Chairman of the Board and perhaps additional directors as the company seeks to rebuild its reputation for building quality firearms.
Here’s more from the Remington press release.
“Over the past nine months Marco has distinguished himself as a visionary operator and remarkably effective change agent who has driven measurable results across our organization,” said Rob McCanna, senior vice president of sales at ROC. “His strategic focus and no-nonsense leadership style are a perfect fit for ROC as we chart the best possible course for our future and a renewed emphasis on our customers.”
“The Remington brand is steeped in tradition and a proud heritage of designing and manufacturing safe, quality products used by countless military operators and law enforcement officers and enjoyed by generations of sportsmen and women,” said Mr. Marcotuli. “I am honored to have the opportunity to help write the next chapter for our Company and to work with our entire team to deliver consistently superior quality and excellence across the enterprise.”
Mr. Campbell joined ROC as lead director in May 2012 and has focused most recently on enhancing ROC’s customer and industry relationships. He is an avid shooter and a life member of the National Rifle Association who built a 30-year career at General Electric Company where he most recently served as CEO, Appliances and Lighting, an $8 billion enterprise. In his new role at ROC, Mr. Campbell will support Mr. Marcotuli in building ROC’s brands and optimizing customer experience.
“I look forward to supporting Marco and the rest of the team as we redouble our efforts to ensure superior quality and customer service are front and center in everything we do,” said Mr. Campbell. “On behalf of the Board, I also want to thank George for all of the contributions he has made to the Company over the past three years and to wish him well in all of his future endeavors.”
Mr. Pritchett brings significant financial and strategic planning expertise to the Board, most recently as a Senior Operating Executive and Head of the Finance / CFO practice within Cerberus Operating and Advisory Company. He has been advising the management and finance teams at ROC for the past few months, providing a smooth transition as the Company completes its search for a permanent CFO.
The announcement came less than 24 hours after the California State Teachers’ Retirement System divested themselves of Remington stock in an undisclosed financial deal that appears to be an unrelated development.