Chief Executive Officer Walter P. Glazer, Jr. to retire by year-end

Rhea-AI Summary

Escalade Inc (NASDAQ: ESCA) announced that CEO Walter P. Glazer, Jr. will retire by the end of 2024. The Board will conduct a comprehensive search for his successor, considering both internal and external candidates. Glazer, a long-time shareholder and Director, will continue serving on the Board after retirement, pending shareholder approval.

Under Glazer's leadership, Escalade achieved significant growth, navigated the post-pandemic market, acquired Brunswick Billiards, implemented a decentralized structure, and focused on capital allocation and asset optimization. He successfully guided the company through the COVID-19 pandemic, maintaining strong operational and financial performance.

Ned Williams, Lead Independent Director, praised Glazer's dedication and leadership, highlighting his role in positioning the company for long-term success. Escalade, founded in 1922, designs, manufactures, and sells sporting goods, fitness, and recreation equipment under various brands.

Positive

• CEO's successful leadership through significant growth and post-pandemic market navigation
• Acquisition of Brunswick Billiards strengthening market position
• Implementation of decentralized, consumer-centric organizational structure
• Focus on capital allocation and strategic optimization of assets
• Strong operational and financial performance maintained during challenging times

Negative

• Potential leadership transition risks as CEO retires

• Board will lead a comprehensive CEO selection process

EVANSVILLE, Ind., Aug. 14, 2024 /PRNewswire/ -- Escalade, Inc. (NASDAQ: ESCA) announced today that Walter P. Glazer, Jr. has notified the Escalade Board that he would like to retire as Chief Executive Officer and President at the end of 2024. The company's Board of Directors will lead a comprehensive search process for his successor that will consider both internal and external candidates.

Mr. Glazer, who has been a shareholder since 1991 and a Director for the past nine years, will continue serving on the Board after his retirement, pending annual shareholder approval. Reflecting on his time as CEO, Glazer stated, "It has been an absolute privilege and honor to lead Escalade and to work with our talented teams during extraordinary times. Escalade is well positioned for the future while continuing to deliver for our loyal consumers, trade partners, and shareholders. Our mission is 'Connecting family and friends, creating memorable moments and playing life to the fullest.' My family has supported me while I've been away working with Escalade for the past few years. With Escalade in a strong position, it is time for me to reconnect with my own family and create memorable moments with them."

Under Glazer's leadership, Escalade saw both significant growth and successfully navigated the post-pandemic return to normalized demand. Notable achievements include the acquisition of Brunswick Billiards, the implementation of a decentralized, consumer-centric organizational structure accompanied by a robust leadership development program, a focus on capital allocation and strategic optimization of assets, including the recent sale of the company's Rosarita, Mexico facility, and an unwavering commitment to total shareholder return. He successfully guided the company during the global COVID-19 pandemic and its aftermath, maintaining strong operational and financial performance during one of the most challenging periods in recent history.

Ned Williams, Lead Independent Director, praised Glazer's leadership, saying, "On behalf of everyone at Escalade, I want to express our deepest gratitude for Walt's leadership and unwavering dedication as President and CEO. Walt's commitment and outstanding leadership have guided Escalade through a period of unprecedented growth and transformation. His focus on developing future leaders and ensuring that Escalade consistently delivers value to consumers and trade partners has positioned the company for continued long-term success. We are extremely grateful for Walt's contributions and look forward to working with him during the CEO transition process and beyond as he will continue to contribute to Escalade through his service as a Director after his retirement as President and CEO."

ABOUT ESCALADE INC
Founded in 1922, and headquartered in Evansville, Indiana, Escalade designs, manufactures, and sells sporting goods, fitness, and indoor/outdoor recreation equipment. Our mission is to connect family, and friends, to create memorable moments. Leaders in our respective categories, Escalade's brands include Bear® Archery; STIGA® table tennis; Accudart®; RAVE Sports®; Victory Tailgate®; Onix® Pickleball; Goalrilla™; Lifeline® fitness products; Woodplay®; American Heritage Billiards®. Escalade's products are available online and at leading retailers nationwide. For more information about Escalade's many brands, history, financials, and governance please visit www.escaladeinc.com or contact Patrick Griffin, Vice President of Corporate Development & Investor Relations at 812/467-1358.

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SOURCE Escalade, Incorporated

FAQ

When will Walter P. Glazer, Jr. retire as CEO of Escalade Inc (ESCA)?

Walter P. Glazer, Jr. will retire as CEO and President of Escalade Inc (ESCA) by the end of 2024.

Will Walter P. Glazer, Jr. remain on Escalade's Board after retiring as CEO?

Yes, Walter P. Glazer, Jr. will continue serving on Escalade's Board after his retirement as CEO, pending annual shareholder approval.

What major acquisition did Escalade (ESCA) make under Walter P. Glazer, Jr.'s leadership?

Under Walter P. Glazer, Jr.'s leadership, Escalade (ESCA) acquired Brunswick Billiards, strengthening its market position.

How did Escalade (ESCA) perform during the COVID-19 pandemic under Glazer's leadership?

Escalade (ESCA) maintained strong operational and financial performance during the COVID-19 pandemic under Walter P. Glazer, Jr.'s leadership.