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Osprey Packs announced Thursday that CEO Layne Rigney will leave the company at the end of the day following nearly six years. Rigney recently guided Osprey through the Helen of Troy acquisition.
Going forward, the Osprey executive team will report to the Helen of Troy Home & Outdoor leadership team.
“We want to thank Layne for his partnership and dedication throughout the acquisition and integration,” said Larry Witt, Helen of Troy Home & Outdoor president. “Osprey thrived under Layne’s leadership, and he played a pivotal role in ushering the brand into this next stage of growth.”
Rigney joined Osprey in 2016 as president and assumed the role of CEO in 2018. During his tenure, he oversaw the acquisition of Osprey Europe from its former distributor, the launch of Osprey’s DTC channel as well as the addition of key retailers such as Dick’s Sporting Goods and Nordstrom.
“I’ve spent the past several months working closely with Larry and his team to ensure the successful integration of Osprey into the Helen of Troy family of leadership brands,” Rigney said. “Throughout that process, I have been very impressed by both Helen of Troy’s leadership team as well as the Osprey team’s commitment to work collaboratively to build an even brighter future for the brand.”
On Wednesday, Helen of Troy reported fourth-quarter net sales increased 14% year-over-year with its Home & Outdoor segment rising 30% partly because of the acquisition of Osprey.
Net sales were $582 million for the three months ending Feb. 28, compared with $509 million at the same time last year. Home & Outdoor net sales were $211 million, compared with $163 million year-over-year. Helen of Troy credited the Home & Outdoor sales growth to the acquistion of Osprey at the end of December for about $414 million. Hydro Flask also is part of the Home & Outdoor group.
Helen of Troy also is the parent company of housewares, and health and beauty product brands.
Net income for Helen of Troy was $40 million, increasing 81% year-over-year compared with $22 million. Earnings per share for the quarter are $1.64 compared with $0.90 at the same time last year.
“We expect our recent acquisitions of Osprey and (hair care brand) Curlsmith will drive revenue and adjusted EPS growth and further expand margins,” said Helen of Troy CEO Julien R. Mininberg. “Our outlook includes our current assessment of the impact from continued widespread inflation on input costs and consumer buying power, further supply-chain disruption, and expected rising interest rates. Our outlook also reflects the work we have done with our supply-chain partners, cost mitigation measures, pre-negotiated sea freight contracts, and price increases.”
The company also said it is hiring Noel Geoffroy as chief operating officer. Geoffroy will start May 9, and she has more than 25 years experience in leadership roles at companies including Kellogg, H.J. Heinz, and Procter & Gamble.
Helen of Troy’s corporate headquarters is in El Paso, Texas, and its stock is traded on the NASDAQ under the HELE symbol.
First published by Bicycle Retailer and Industry News.