Academy Sports makes CEO change
Academy Sports and Outdoors named former Meijer president James Kevin Symancyk to the role of president and CEO in a move that suggests the retailers private equity owners could be eyeing a public stock offering.
Symancyk, 43, will assume his new responsibilities on Nov. 2, when current president and CEO Rodney Faldyn steps down after 10 years with the operator of more than 200 large format, full line sporting goods stores.
Symancyk joined Meijer in 2006 in a senior merchandising role and advanced quickly to become executive VP of merchandising and marketing and then COO. He was named president in Feb. 2013.
Prior to Meijer, Symancyk spent 12 years with Sam’s Club in a variety of merchandising positions.
"The future for Academy Sports and Outdoors is truly limitless, and I'm eager to ensure we continue offering customers convenience, a broad selection of quality products and exceptional customer service as we strive to remain the low price leader in our category,” Symacyk said. “I'm looking forward to getting to know our associates and vendors as we collaborate to become the national, regionally relevant, locally merchandised, sporting goods, outdoor and lifestyle retail store of choice."
Symancyck succeeds Rodney Faldyn who joined Academy in 2006 as CFO and was named president the following year. He was elevated to the role of CEO in August 2011 when the family controlled company was acquired by affiliates of Kohlberg Kravis Roberts& Co.
Faldyn led Academy to extraordinary heights during KKR's ownership, according to a company statement, including growing store count by 50%, launching a new e-commerce platform, implementing a new Oracle retail management system and doubling cash flow from earnings during his time as CEO.
"I'm tremendously proud of how we've strengthened our market position, expanded our store footprint, and invested in talent and infrastructure,” Faldyn said. “I'm confident that (Symancyk) will fully embrace the Academy culture, drive future growth and continue to provide amazing customer service through our (more than) 200 stores and online. I look forward to watching the company's continued evolution and accomplishments over the next several years."
One of those accomplishments could be an initial public offering as KKR looks to cash in on its four year old investment in a retailer those familiar with the company contend generates best in class financial returns.