Appointments Reflect YETI’s Ongoing Commitment
to Board Refreshment That Supports Growth and Value Creation
New Directors Each Bring Decades of Experience
Positioning Leading Outdoor Brands to Successfully Expand into New
Categories and Markets
Enters into Cooperation Agreement with Engaged
Capital
YETI Holdings, Inc. (“YETI” or the “Company”) (NYSE: YETI) today
announced that it has appointed J. Magnus Welander and Arne Arens
to its Board of Directors (the “Board”), effective March 24, 2025.
The Company also announced that it has entered into a cooperation
agreement with stockholder Engaged Capital, LLC (collectively with
certain of its affiliates, “Engaged”). The appointments of Messrs.
Welander and Arens increase the size of YETI’s Board to 10 members,
nine of whom are independent.
These new appointments reflect the Company’s ongoing Board
refreshment efforts, which are focused on further aligning director
experience and skillsets with YETI’s strategy and future
opportunities. In addition to collaborating with Engaged on this
latest round of Board refreshment, YETI’s management team has held
extensive discussions with the firm about their shared goals of
accelerating growth and enhancing stockholder value.
Robert K. Shearer, Chair of the YETI Board, commented: “We are
pleased to welcome J. Magnus and Arne to the YETI Board and
appreciate the role Engaged Capital played in identifying Arne as a
prospective Board member. These appointments are part of our
comprehensive and ongoing refreshment process, and we are confident
that J. Magnus’ and Arne’s extensive experience and knowledge of
consumer brands will be complementary additions to our Board. We
look forward to benefitting from their perspectives as we remain
focused on driving growth and delivering sustainable value for our
stockholders.”
Matt Reintjes, President and Chief Executive Officer of YETI,
noted: “We continue to build upon our proven history of expanding
the YETI brand and product portfolio, delivering high quality
growth, and exceptional cash generation. The addition of J. Magnus’
and Arne’s collective experience leading relevant, global consumer
brands complements our strategy and our Board. I look forward to
partnering with J. Magnus and Arne as we grow YETI globally.”
Mr. Welander added: “It is a privilege to join the YETI Board at
this exciting time. I look forward to contributing by working with
my fellow directors and management to ensure that YETI capitalizes
on its strong brand position and momentum, explores new avenues of
growth, and drives innovation to meet the evolving needs of its
customers.”
Mr. Arens added: “YETI is a leading brand with incredible
potential, which is one of the reasons I am excited to join this
Board. Together with the management team and my fellow Board
members, I intend to help advance the Company’s objectives, support
innovation, expand its customer base, and drive profitable
growth.”
Glenn W. Welling, Founder and CIO of Engaged Capital, concluded:
“We are pleased to have worked constructively with Matt and the
Board and support these director appointments. YETI leadership has
built a great business, and we invested in the Company based on the
strength and extensibility of the brand. Arne and Magnus both have
decades of experience positioning leading outdoor brands to grow
into new categories and geographies. Their counsel will be
invaluable to the management team as it executes on a strong plan
to materially expand the product portfolio and enter new countries
around the world.”
Goldman Sachs is serving as financial advisor and O’Melveny
& Myers LLP is serving as legal counsel to YETI. Joele Frank,
Wilkinson Brimmer Katcher is serving as strategic communications
advisor to YETI. Olshan Frome Wolosky LLP is serving as legal
counsel and Longacre Square Partners LLC is serving as advisor to
Engaged.
About J. Magnus Welander
Mr. Welander is the former Chief Executive Officer of Thule
Group AB (“Thule”), a global lifestyle and outdoor company. Prior
to his career at Thule, he was Group CEO of the global pharma
logistics company Envirotainer and held various managerial
positions at the global food processing and packaging company Tetra
Pak. He currently serves as Chairman of the Board at Mips,
Embellence Group, and Eleiko Group. He has a degree in Civil
Engineering from the Institute of Technology at Link�ping
University.
About Arne Arens
Mr. Arens is the former Chief Executive Officer of Boardriders,
Inc. (“Boardriders”), a portfolio of performance, lifestyle, and
footwear brands geared toward action sport enthusiasts. Prior to
Boardriders, Mr. Arens served in roles of increasing seniority at
The North Face, a subsidiary of V.F. Corporation. Prior to joining
The North Face, Mr. Arens served in various executive roles with
NIKE, Inc. in Europe. He holds a bachelor’s degree in communication
science and business administration from University of Amsterdam
and an EMBA from Northwestern University.
About YETI Holdings, Inc.
Headquartered in Austin, Texas, YETI is a global designer,
retailer, and distributor of innovative outdoor products. From
coolers and drinkware to bags and apparel, YETI products are built
to meet the unique and varying needs of diverse outdoor pursuits,
whether in the remote wilderness, at the beach, or anywhere life
takes you. By consistently delivering high-performing, exceptional
products, we have built a strong following of brand loyalists
throughout the world, ranging from serious outdoor enthusiasts to
individuals who simply value products of uncompromising quality and
design. We have an unwavering commitment to outdoor and recreation
communities, and we are relentless in our pursuit of building
superior products for people to confidently enjoy life outdoors and
beyond. For more information, please visit www.YETI.com.
About Engaged Capital
Engaged Capital, LLC (“Engaged Capital”) is an investment
advisor with a private equity-like investing style in the U.S.
public equity markets. Engaged Capital seeks to help build
sustainable businesses that create long-term stockholder value by
engaging with and bringing an owner’s perspective to the
managements and boards of undervalued public companies and working
with them to unlock the embedded value within their businesses.
Engaged Capital focuses on delivering superior, long-term,
risk-adjusted returns for our limited partners. Engaged Capital was
established in 2012 and is based in Newport Beach, California.
Learn more at www.engagedcapital.com.
Forward-Looking Statements
This press release contains ‘‘forward-looking statements’’
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical or
current fact included in this press release are forward-looking
statements. For example, these include, but are not limited to,
statements made relating to future actions, future appointments to
and refreshment of our Board of Directors, expectations related to
the appointment of Messrs. Welander and Arens to our Board of
Directors, our collaboration with Engaged, and future performance
or financial results. All forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those that are expected and, therefore, you should
not unduly rely on such statements. The risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements include
but are not limited to: (i) economic conditions or consumer
confidence in future economic conditions; (ii) our ability to
maintain and strengthen our brand and generate and maintain ongoing
demand for our products; (iii) our ability to successfully design,
develop and market new products; (iv) our ability to effectively
manage our growth; (v) our ability to expand into additional
consumer markets, and our success in doing so; and (vi) the
additional risks and uncertainties described in Item 1A Risk
Factors in our Annual Report on Form 10-K for the year ended
December 28, 2024. For a more extensive summary of factors that
could materially affect our results, you should read our Annual
Report on Form 10-K for the year ended December 28, 2024 and our
other filings with the United States Securities and Exchange
Commission (the “SEC”), as such filings may be amended,
supplemented or superseded from time to time by other reports YETI
files with the SEC.
These forward-looking statements are made based upon detailed
assumptions and reflect management’s current expectations and
beliefs. While YETI believes that these assumptions underlying the
forward-looking statements are reasonable, YETI cautions that it is
very difficult to predict the impact of known factors, and it is
impossible for YETI to anticipate all factors that could affect
actual results.
The forward-looking statements included here are made only as of
the date hereof. YETI undertakes no obligation to publicly update
or revise any forward-looking statement as a result of new
information, future events, or otherwise, except as required by
law. Many of the foregoing risks and uncertainties may be
exacerbated by the global business and economic environment,
including ongoing geopolitical conflicts.
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version on businesswire.com: https://www.businesswire.com/news/home/20250316648983/en/
Investor Relations: Maria Lycouris Solebury Strategic
Communications Investor.relations@yeti.com
Media: YETI Holdings, Inc. Media Hotline
Media@yeti.com
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