Big Shake-Up at Remington — Top Execs Leave Big Green
Remington Outdoor Company (“ROC”), is shaking up its leadership — starting at the top. Effective immediately, Jim (“Marco”) Marcotuli has been appointed President and Chief Executive Officer (CEO), replacing George Kollitides II, who served as Chairman and CEO. 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. Additionally, ROC’s Chief Financial Officer Ron Kolka is retiring but will remain with the Company for the next 30 days. Also leaving ROC are former Directors Walter (“Wally”) McLallen and James J. Pike.
Jim Shepherd of the Shooting Wire says the shake-up at Remington stems, at least in part, from ROC’s recent struggles with product recalls and class actions: “Having spoken with several top execs in other gun companies, this latest move is being viewed as the company’s attempt to move past some stormy recent history. That, however, might be easier said than done as two significant class actions still loom on the horizon and the calamitous recall of Model 700 rifles [still eats] into cash flows. Shepherd also suggests that former Chairman and CEO Kollitides was eased out: “In most financial circles, that abrupt departure would be called ‘he got quit’.’
About the New CEO, Jim “Marco” Marcotuli
Mr. Marcotuli 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. 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.”
