Business news :Polartec Launches CEO Search to Prepare for Possible Sale
Andrew J. Vecchione, President and CEO of Polartec, LLC, a leading supplier of performance fabrics sold under the Polartec brand, announced that he has decided to step aside, effective upon the appointment of his successor. Vecchione will remain with the company as a senior adviser, board of directors member and equity participant after completion of a search process now underway.
“After eight years with Polartec, including the last five at the helm, I’m proud of all that the team here and around the world has accomplished to enhance the Polartec brand and its reputation for innovative products,” said Vecchione. “The company has grown and prospered in the face of dramatic developments and trends affecting the apparel industry. Thanks to our world-class customers, our dedicated and loyal workforce, and a portfolio of industry leading products that continue to enhance the importance of the Polartec brand, I’m comfortable that we’re positioned for continued profitable growth.
“This transition brings into alignment my own personal planning goals with the needs of the company and its shareholders as they contemplate an eventual sale of the company in the future," said Vecchione. "Polartec has eached an inflection point in its history as our growth has accelerated and it’s important to have a leader in place for a sufficient time beforehand who both understands and can capitalize on Polartec’s unique attributes and can commit to leading the business over the much longer term. I look forward to my new role after the search supporting Polartec and its team and working closely with the Board and my successor to ensure a smooth and uninterrupted transition, and a continuation of the record of success we have built over the last five years,” he concluded.
Board member Greg Segall, CEO of Polartec owner Versa Capital Management, LLC offered, “Under Andy Vecchione’s leadership these last five years, Polartec has achieved historic sales, earnings and customer satisfaction levels, along with market share growth and success in new product innovation. Not only has Andy guided the profitable growth of the company but he has also overseen growth into new markets such as industrial work wear and breathable waterproof with the launch of NeoShell.
“Polartec has been very successful, in large measure due to Andy’s efforts with the support of the management team and all Polartec employees worldwide. For this the Board and I are extremely grateful and we wish Andy the very best as he moves on to his next big challenge. We appreciate that Andy will continue his association and share the benefits of his years of experience with the company as an advisor and board member.”
The company has retained the firm of Korn/Ferry International to conduct the executive search process and anticipates that a new CEO will be on board by the end of this year.