KEVIN DAVIS OUT IN
PERFORMANCE SPORTS GROUP MANAGEMENT SHAKEUP
(Performance Sports Group, March 22, 2016) - A management shakeup at Performance Sports Group, the parent company of Bauer, led to the immediate departure of Chief Executive Officer Kevin Davis. The PSG Board of Directors appointed Chief Financial Officer Amir Rosenthal as the interim CEO on Tuesday, March 22.
The move comes in the wake of PSG lowering its fiscal year guidance in early March and a New York Post report that the company was being questioned about misstatements of revenue. Davis had been the CEO since 2008.
“We are grateful to Kevin for his significant contributions to the Company,” said PSG Chairman Bernard McDonell in a statement. “Kevin and the management team successfully led the company from a privately held hockey business to the publicly traded, global and multi-sport organization it is today. We wish him well as he pursues the next chapter in his career.”
Graeme Roustan, who was PSG's Chairman from 2008 to 2012, has been trying to get back on the board and told The Post: "This is long overdue."
Several customers told Roustan in a 2015 survey that the company asked them to move orders forward to an earlier quarter, which The Post reported exclusively March 14. Roustan presented his findings to the PSG Board in June 2015 but Davis, at a Bank of America retail conference March 15, told The Post he did nothing wrong and didn't manipulate PSG's earnings.
Rosenthal, who will also remain President, PSG Brands, joined PSG in 2008 and previously held the role of CFO and Executive Vice President Finance and Administration with the Company. In his role as CFO, Rosenthal was instrumental in leading PSG's initial public offering and listing on the Toronto Stock Exchange in 2011, as well as the U.S. listing on the New York Stock Exchange nearly two years ago.
"The Board is pleased to appoint Amir as the Company’s interim Chief Executive Officer,” McDonell said. “Amir is a proven leader with a strong understanding of our brands and our customers and has been instrumental in the growth and success of Performance Sports Group. The Board will conduct a search for the permanent CEO of Performance Sports Group and will include Amir among the candidates under consideration for this role.”
“Performance Sports Group continues to be focused on delivering the best possible performance and protection to athletes at all levels,” Rosenthal said. “Our leading brands, deep consumer connections, commitment to innovation and dedicated employees remain the four key pillars of our company and I look forward to working with the Board, the management team and all of our employees to continue delivering on our mission."