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

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