Torbeck Takes Over at Remington Arms. Millner Becomes Cabela's CEO.
In a surprise move, Remington Arms announced that current President/CEO Tommy Millner will be replaced by Remington Chief Operating Officer (COO) Ted (Theodore) Torbeck. Torbeck has been promoted to CEO and director of both Remington Arms and Freedom Group Inc., Remington’s parent company. (Freedom Group is owned by Cerberus Capital Management, a private holding company.) Millner will make a lateral move to take over as Chief Executive Officer (CEO) of outdoor retailer Cabela’s Inc. (NYSE: CAB). The 55-year-old Millner had worked for Madison, N.C.-based Remington for 15 years, including the past 10 as CEO of parent Freedom Group Inc.
We don’t know the “how and why” of this executive re-shuffling, and whether Millner decided to “jump ship” on his own or whether he was pressured to leave. Freedom Group Chairman Paul Miller issued a statement thanking Millner for his years of service, and stating that Torbeck would help Remington “expand into new markets.” Before joining Remington as COO in February of 2008, Torbeck held various positions at General Electric beginning in 1978. He was vice president of operations of GE Industrial from 2006 to 2008.
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