Vista Outdoor has named former toy industry executive Eric Nyman to be chief executive of its outdoor products segment.
Vista Outdoor is on track to split its outdoor products and sporting products segments into two companies of roughly the same size. The sporting products unit, which includes Federal Ammunition, will stay!!!!!! in Anoka.
Nyman, former president and chief operating officer of Hasbro, will lead a segment that oversees 34 outdoor products brands including Bushnell, Camp Chef, CamelBak and Simms Fishing.
"It's an incredible opportunity to lead an iconic portfolio while also joining a purpose-driven company with a compelling mission that connects people to the outdoors in deeper and more meaningful ways," said Nyman, who has 30 years of experience in consumer product companies.
Gary McArthur, interim CEO of Vista Outdoor, will remain in that position until the split and then will become chairman of the new outdoor products company, expected to be headquartered in Bozeman, Mont.
Company officials have said the split remains on track to be completed by the end of this year. Names of the two new companies have not been announced.
Vista Outdoor had already named Jason Vanderbrink to be CEO of the sporting products segment that includes ammunition brands Federal, Remington and CCI.
The company also named Nyman and Vanderbrink to the board of directors effective immediately as it makes the final preparations to divide the two companies.
According to a filing with the Securities and Exchange Commission, both Nyman and Vanderbrink will get annual salaries of $1.2 million, and similar annual and long-term incentive opportunities as part of their overall compensation plan. Nyman will get $3 million in restricted stock awards as a sign-on bonus.
Company officials believe that two separate companies focused on separate industries would create more value that the combined company.
After the split, the sporting products segment is forecast to have annual revenue in 2024 of $1.5 billion, while the outdoor products segment is expected to have $1.4 billion in revenue.
