Columbia Expedites Presidential Succession After 40 Years of Leadership

Columbia is preparing to take over from Timothy Boyle, current chairman and CEO, who has been at the helm of the company for more than four decades. The U.S. fashion and sports equipment giant has announced the appointment of Peter J. Bragdon and Joseph P. Boyle, son of the CEO, as co-presidents, effective Wednesday.

Bragdon will oversee the company’s international businesses, as well as Mountain Hardwear, Prana and Sorel. At the same time, he will continue to oversee international distributor sales and administrative functions. Joseph Boyle, meanwhile, will preside over the Columbia brand, the company said in a statement. Both will report to Timothy P. Boyle, who retains his positions as president and CEO.

“I have devoted most of my life to growing the company and its brands. Protecting them, while expanding our global presence, is a source of pride,“ said Boyle, who added that as the company grows, “new opportunities will develop and their leadership will take it to the next level.

The two co-presidents will report to Timothy Boyle, who retains his role as group CEO

Timothy Boyle noted that Peter Bragdon has been with the company since 1999 as a “trusted advisor and strategic leader”. During his career, he has contributed to the development of the company and has overseen the international distributor business in 74 countries. Joe Boyle has been the architect of the Project Accelerate strategy, a plan that sets out the guidelines to be followed to attract new consumers, raise brand awareness, create new products, improve the consumer experience and improve margins with profitable growth.

In addition, the shareholders’ meeting appointed Richelle T. Luther as new executive vice president, president and chief executive officer. Luther as new executive vice president, chief administrative officer and general counsel, and Jana C. Humble as senior vice president, chief administrative officer and general counsel. Humble as senior vice president and chief human resources officer, also effective November 12th.

According to the latest results, Columbia closed its third quarter on a downward trend, which also weighed on the company’s financial results for the first nine months of the year. The company’s earnings through September were below $100 million. Specifically, it posted sales of $2.372 billion, an increase of 2.4%.

Despite having sold more during the period, Columbia Sportswear’s net income suffered sharply: if a year ago, the company earned $120.7 million through September, now it has earned $84 million, down 30.3%.