PR: Ride Names New President, Announces Preseason Orders.
Robert Marcovitch takes over, with orders up 41 percent.
(7-17-98)

It's sort of like the old "I've got some good news and I've got some bad news" saying. Ride Sports announces it has a new management team, while also announcing that the company is doing very well in the market. It's not the first time Ride has contrasted two announcements on the same day.

In its first, the company announces Robert Marcovitch is the new president, chief executive officer, and has been appointed to the company's board of directors. He replaces Bob Hall, who along with Bruce Manke, Ride's former senior vice president of board sports and administration, is forming a new enterprise called Delta Partners that will specialize in turnarounds and M&A transitions.

"I feel pretty good about the turnaround at Ride, so good in fact that I'm calling it a finished project," Hall says.

For the incoming Marcovitch, who has been with Ride since 1994, the brand is definitely on a rebound. "We brought Bob in to improve Ride's marketshare by building upon the company's product quality, marketing, and overall customer service," says Marcovitch. "As our '98 preseason orders indicate, he certainly accomplished his task. With this momentum, we now have the tools to take Ride forward and build a stronger brand in the future, a goal to which the new management team is strongly committed."

Marcovitch was most recently senior vice president responsible for the international and apparel divisions. In this position, Marcovitch repositioned the brand overseas, resulting in increased marketshare in Europe and a turnaround in Japan. Prior to Ride, Marcovitch served as director of apparel for Nike in Canada. He has more than twenty years experience in the sporting goods business.

Greg Cook, former president of Ride Canada, has been appointed chief operating officer for all of Ride Sports, responsible for the day-to-day operations of the company. He has been with Ride for over two years.

Prior to Ride, Cook was president of Head/Tyrolia Sports Canada, Inc. and served as the president of the National Snow Industries Association in Canada, an organization in which he is still active. He is presently on the board for the Sports Industry Credit Association and is a fifteen-year veteran of the winter sports business.

Orders Up 41 Percent Over 1997

The new management is definitely taking over a brand that is on a roll. According to its preseason orders for shipments in its 1998/99 fiscal year, business is up 41 percent overall, the U.S. up 61 percent, Canada up 66 percent, and Europe up nineteen percent. Orders are totaling approximately 37-million dollars compared to 26-million dollars in 1997.

Orders in Asia decreased by five percent, primarily due to decreases in apparel bookings and the economic conditions in that market. Orders by product category are as follows (in thousands):

The 1998 apparel and accessory amount includes the preseason orders of Smiley Hats, Inc. which was acquired by the company in July 1997.

"We are extremely pleased to be able to announce that Ride is back in a growth mode," says Marcovitch. "This display of confidence in Ride by our retailers and distributors demonstrates the strengthening position of our brands within this rapidly consolidating market."

Back to Business Main