Performance Sports Says CEO Kevin Davis Is Leaving Companyby
Davis will be replaced by Amir Rosenthal on interim basis
Rosenthal previously served in various executive roles
Performance Sports Group Ltd., the sports equipment and apparel retailer whose shares have tumbled almost 64 percent this year, said Tuesday that Chief Executive Officer Kevin Davis is leaving the company.
Davis will be replaced on an interim basis by Amir Rosenthal, the company said in a statement. Rosenthal will also remain as president of PSG Brands.
“Amir is a proven leader with a strong understanding of our brands and our customers and has been instrumental in the growth and success of Performance Sports Group,” Chairman Bernard McDonell said in the statement.
The Exeter, New Hampshire-based company, formerly known as Bauer Performance Sports Ltd., manufactures equipment for ice hockey, baseball, soccer and other sports, including under the Bauer and Easton brands.
Rosenthal joined the company in 2008 and was previously chief financial officer and executive vice president of finance and administration, the company said.
Performance Sports said it will start a search for a new CEO.
On March 8, the company revised its 2016 guidance for adjusted earnings per share downward by about 55 cents a share.
Performance Sports said the revision was the result of one of its customers, Sports Authority Inc., filing for Chapter 11 bankruptcy protection, an anticipated reduction of baseball sales, and additional bad debt reserves primarily for certain hockey customers and the resulting loss of sales.
Performance Sports’s former chairman, W. Graeme Roustan, who remains a shareholder, had called for Davis to step down.
“Kevin Davis’s departure is long overdue, and now I call upon the chairman, Bernie McDonell, to follow him with his immediate resignation,” Roustan said in an interview Tuesday.