Madison, N.C. – Remington Outdoor Company (“ROC”), one of the world’s leading designers and manufacturers of firearms, ammunition and related products, today announced a series of management and Board-level transitions that will accelerate an ongoing transformation at the Company as it seeks to optimize operations and reset the foundational processes needed to deliver consistently superior quality across all products and services.
Effective immediately, ROC co-lead Director Jim (“Marco”) Marcotuli has been appointed President and Chief Executive Officer, and Board member James P. (“Jim”) Campbell has been appointed Vice Chairman of the Board. Mr. Marcotuli will also serve as interim Chairman of the Board. George Kollitides II, Chairman and CEO, and the Company have agreed that Mr. Kollitides will step down from both positions immediately to pursue other interests but will continue to serve as a paid Senior Advisor to the Company for one year.
“It has been a tremendous privilege to lead America’s oldest and most iconic gun company,” said Mr. Kollitides. “I could not be more proud of our organization and have the utmost confidence in the new management team’s ability to continue to successfully lead ROC in the future.”
Additionally, ROC’s Chief Financial Officer Ron Kolka is retiring but will remain with the Company for the next 30 days to ensure a smooth transition. A search for a permanent CFO is currently underway.
ROC also announced today that Jeffrey (“Jeff”) P. Pritchett will join ROC’s Board of Directors as part of the Company’s broader efforts to build a world-class Board infused with independent talent and the industry, financial and operating experience needed to support ROC’s strategic direction. Mr. Pritchett will also work with Mr. Kolka through the CFO transition period.
The Company has also initiated a search for a Chairman of the Board and may appoint additional Directors to replace Walter McLallen and James J. Pike, who have also decided to retire from the Board.
Mr. Marcotuli, who was appointed to serve as co-lead director of ROC in September 2014, has spearheaded a series of operational improvements across the Company with an emphasis on ensuring consistently high-quality manufacturing, enhanced customer experience and more efficient operations. He has 25 years of management and operations experience, most recently serving as President and CEO of North American Bus Industries (NABI), where he successfully boosted the company’s market share while significantly growing earnings and revenue. Prior to that position, Mr. Marcotuli held senior leadership roles at various companies, predominately in the aerospace and automotive industries.
“Over the past nine months Marco has distinguished himself as a visionary operator and remarkably effective change agent who has driven measurable results across our organization,” said Rob McCanna, senior vice president of sales at ROC. “His strategic focus and no-nonsense leadership style are a perfect fit for ROC as we chart the best possible course for our future and a renewed emphasis on our customers.”
“The Remington brand is steeped in tradition and a proud heritage of designing and manufacturing safe, quality products used by countless military operators and law enforcement officers and enjoyed by generations of sportsmen and women,” said Mr. Marcotuli. “I am honored to have the opportunity to help write the next chapter for our Company and to work with our entire team to deliver consistently superior quality and excellence across the enterprise.”
Mr. Campbell joined ROC as lead director in May 2012 and has focused most recently on enhancing ROC’s customer and industry relationships. He is an avid shooter and a life member of the National Rifle Association who built a 30-year career at General Electric Company where he most recently served as CEO, Appliances and Lighting, an $8 billion enterprise. In his new role at ROC, Mr. Campbell will support Mr. Marcotuli in building ROC’s brands and optimizing customer experience.
“I look forward to supporting Marco and the rest of the team as we redouble our efforts to ensure superior quality and customer service are front and center in everything we do,” said Mr. Campbell. “On behalf of the Board, I also want to thank George for all of the contributions he has made to the Company over the past three years and to wish him well in all of his future endeavors.”
Mr. Pritchett brings significant financial and strategic planning expertise to the Board, most recently as a Senior Operating Executive and Head of the Finance / CFO
practice within Cerberus Operating and Advisory Company. He has been advising the management and finance teams at ROC for the past few months, providing a smooth transition as the Company completes its search for a permanent CFO.