Editor’s note: Read our in-depth story about new REI CEO Mary Beth Laughton, including her background and the challenges she faces here.
REI Co-op announced Monday that Kristin Shane, who previously worked at The Guitar Center, PetSmart and Target among other companies, is its new chief merchandising officer.
REI said she brings extensive experience in developing and implementing strategies and omni-channel operational expertise across diverse consumer product and retail businesses.
“We’re thrilled to welcome Kristin to the co-op,” said Mary Beth Laughton, REI Co-op president, in a statement. “Her leadership and decades of experience working with an array of consumer and retail brands is sure to inspire innovation and play an instrumental role in furthering our mission to help people get outdoors.”
Laughton, who joined REI in February as president, is set to become CEO today. Previously, Laughton held leadership positions at Nike, Athleta, and Sephora.
In Shane’s new role, she will lead teams focused on identifying new category and brand opportunities for the co-op, enhancing regional and local relevancy in product assortment, elevating existing brand relationships, and growing REI’s label.
Shane replaces former REI CMO Chris Speyer, who left the retailer in the summer of 2024 to take the CMO job at Mountain Equipment Company.
“As a lifelong outdoor enthusiast and long-time co-op member, I’m thrilled to be joining REI,” Shane said in a statement. “I look forward to building on the co-op’s legacy in the outdoor industry and continuing to ensure we lead with innovation, newness and incubating emerging brands that will introduce more people to the transformative power of the great outdoors.”
The co-op’s financial results for 2024 haven’t been released yet. In 2023, REI reported a 2023 net loss of $311 million, up from a net loss of $164.71 million in 2022. The loss was attributed to increased hourly wages, member rewards, and a $169 million non-cash valuation allowance.
However, the company said in a statement in January that better times are ahead: REI expects to meet its 2024 goals of break-even operating profit (pre-dividend operating income) and near break-even free cash flow. This is a significant improvement versus 2023 for both metrics.
