Austin, Texas-based outdoor product maker Yeti appointed Arne Arens, the former CEO of Boardriders, and J. Magnus Welander, the former CEO of Thule Group, to its board of directors.
The appointments are effective March 24 and come following “extensive discussions” with shareholder Engaged Capital, which the company has entered into a cooperation agreement with, according to a press release.
“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,” said Board Chair Robert K. Shearer in a statement. “These appointments are part of our comprehensive and ongoing refreshment process, and we are confident that J. Magnus’s and Arne’s extensive experience and knowledge of consumer brands will be complementary additions to our board.”
Before serving as the CEO of Boardriders, Arens climbed the ranks at VF Corp. subsidiary The North Face. Before that, he served in various executive roles at Nike in Europe. He has a bachelor’s degree in communication science and business administration from University of Amsterdam and an EMBA from Northwestern University, according to the release.
Before joining lifestyle and outdoor company Thule, Welander was Group CEO of pharma logistics company Envirotainer. Before that, he held managerial positions at food processing and packaging company Tetra Pak. He is currently the chairman of the board at Mips, Embellence Group, and Eleiko Group. He has a degree in civil engineering from the Institute of Technology at Sweden’s Linköping University.
“Yeti is a leading brand with incredible potential, which is one of the reasons I am excited to join this board,” Arens said in a statement.
Yeti’s net sales grew 10% to $1.8 billion in fiscal 2024. In the fourth quarter, net sales grew 5% to $546 million. Adjusted sales are expected to grow by between 5% and 7% in fiscal 2025, with foreign currency effects taken into account. The company expects its adjusted net income per diluted share to be between $2.90 and $2.95, or a 6% to 8% increase.
“We continue to build upon our proven history of expanding the Yeti brand and product portfolio, delivering high quality growth, and exceptional cash generation,” said Matt Reintjes, president and CEO, in a statement. “The addition of J. Magnus’s 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.”
Glenn W. Welling, founder and CIO of Engaged Capital, said his firm was pleased to have worked with Reintjes and Yeti’s board and that it supports the director appointments.
“Yeti leadership has built a great business, and we invested in the company based on the strength and extensibility of the brand,” Welling said. “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.”
