Dive Brief:
- YETI Holdings, Inc., a global retailer best known for its coolers and other outdoor products, announced the resignation of its CFO Paul Carbone effective Oct. 28 in a Sept. 23 press release.
- YETI has begun the search for a new CFO and Carbone, who is leaving the company to pursue another business venture that will allow him to be closer to family in Boston, will stay to assist in the transition process, according to the company statement.
- “On behalf of the Board of Directors and our entire team, I want to thank Paul for his successful leadership as CFO for our first four years as a public company and I wish Paul and his family all the best on their next adventure,” Matt Reintjes, YETI President and CEO, said in a statement.
Dive Insight:
The resignation follows YETI’s second quarter earnings call on Aug. 2, during which the company reported a 10% decline in operating income to $101.6 million compared with $112.5 million during the prior year period.
The Austin, Texas-based company also said its earnings were slightly below expectations due primarily to softer digital traffic and new customer acquisition trends after several years of strong growth, according to reporting from Seeking Alpha.
Carbone took the financial helm of the iconic outdoor brand in 2018 and guided them through their initial public offering (IPO) on Oct. 25 of that year.
Before YETI, he served as CFO at coffee chain Dunkin’ from 2012 to 2017 and then took the role of chief operating officer (COO) at Talbots, a specialty retailer of women’s clothing, from April 2017 until February 2018.
“I’m incredibly proud of the work we’ve done since I joined YETI in 2018, transitioning from a private entity to an established public company. It has been an honor to work alongside such a dedicated and talented team,” Carbone said in a company statement.
YETI’s stock price fell after the announcement of Carbone’s resignation. As of the end of trading on Monday, the share price this year has fallen 64%.
