Corporate Governance - REI CEO resigns after investigation into personal relationship

The CEO of REI resigned Monday, following an investigation that found he had not disclosed a personal relationship, the company said in a news release Tuesday.

 An external law firm overseen by the company's board found that REI President and CEO Jerry Stritzke was in a personal and consensual relationship with the leader of an organization in the outdoor industry. He'll be leaving REI on March 15.

Eric Artz, REI chief operating officer, was announced as the interim CEO effective immediately.
We will always be grateful for Jerry's drive, his many contributions to the co-op and the successes he and his team have made possible. The conclusions of the investigation, however, were clear. Errors of judgment were made and Jerry and the board agree that REI needs a new leader to take the co-op forward from its very strong position," REI Board Chair Steve Hooper said. "Eric is a seasoned leader and steward of REI. He is deeply committed to the purpose of the co-op and will do a great job as the board considers the longer-term needs for the co-op."
Stritzke released an apology letter to REI employees where he stated, "looking back, I recognize I should have been transparent. REI expects high standards from its leaders."
source - https://www.msn.com/en-us/money/companies/rei-ceo-resigns-after-investigation-into-personal-relationship/ar-BBTvwaD?li=BBnbfcL&ocid=ABUSINV3P

Comments

Post a Comment

Popular posts from this blog

Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week

Image
Meta Layoffs - WSJ Meta Platforms  Inc.  META  2.11% increase; green up pointing triangle  is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a  recent spate of tech job cuts  after the industry’s rapid growth during the pandemic. The layoffs are expected to affect  many thousands of employees  and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said. The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which  hit about half of that company’s staff , the number of Meta employees expected to lose their jobs could be the larg...
Read more

The Chronicles of Micromanagement: A Comedy of (Tiny) Errors

Image
Micromanagers: the unsung heroes of the workplace, or perhaps, the unwitting stars of a workplace comedy.    Picture this: you're diligently typing away at your desk, feeling like a productivity ninja, when suddenly, a wild micromanager appears! Cue the dramatic music, because it's about to get hilariously chaotic. Micromanagers, with their eagle eyes and penchant for over-control, have a knack for turning even the simplest tasks into a circus act.  They hover like helicopter parents, ready to swoop in at the slightest deviation from their meticulously outlined plans. Forget autonomy; in their world, every decision requires their stamp of approval, even if it's just choosing which color sticky note to use.  Their emails read like a script from a sitcom: "Did you remember to dot your i's and cross your t's?" "I noticed you used Arial font instead of Times New Roman – please explain." And who could forget the classic, "Can you send me hour...
Read more

Navjot Singh Sidhu - India's Next PM ?

Hi All We now will be witnessing one more General Election. Surprisingly enough the two Major national Alliances NDA and UPA (with Major stakeholders being Congress and BJP) are not releasing their Manisfesto. The reason seems to be very simple- they are not sure what would be the equation post election. The alliance partners, based on the seats they won will dictate terms in the coalition or will try to merge with alliance giving them more......you know what every one wants- more ministries. The other question is who should be the PM...Manmohan Singh - already started singing in favor of Rahul Gandhi - "I will do as the Madam Says", Rahul Gandhi, L K Advani, Mayawati. I personally don't think anyone is my candidate for PMs post. The better than all these people will be Navjot Singh Sidhu. Please share you comments and ask your friends colleagues to also throw some light. Best Regards Mandeep Vats www.desidieter.com www.healthji.com
Read more