REI’s leadership transformation continues, this time with the appointment of Shannon Damen to the chief financial officer role, effective June 16.
Current CFO Kelley Hall will retire on Aug. 1. Hall will assist in the transition from June to August.
“I am excited to welcome Shannon to the co-op,” said Mary Beth Laughton, REI’s president and chief executive officer, in a statement. “With a wealth of experience across top consumer brands, Shannon brings invaluable expertise to help drive our growth and position the co-op for continued success.”
Damen will lead the co-op’s financial planning and analysis, accounting, treasury, tax, internal audit, indirect procurement, corporate real estate, and asset protection teams, according to a news release. Previously, Damen was the global head of real estate at Gap. She is the former CFO at chief commerce and experience officer at Athleta, and she has held finance leadership roles at Victoria’s Secret and Vera Bradley.
Laughton, who was appointed CEO earlier this year, is also a former Gap and Athleta executive. In March, Kristin Shane, who previously worked at The Guitar Center, PetSmart and Target, was named REI’s new chief merchandising officer. A sign of REI’s leadership transformation was its recent apology and retraction of its endorsement of Doug Burgum, the newly appointed U.S. Secretary of the Interior who signed orders to explore opening public lands up to fossil fuel production, among other issues.
It’s been a tough few years for REI. Earlier this year, former CEO Eric Artz announced REI was shuttering its Experiences travel and excursion business, eliminating 428 full-time and part-time jobs. In 2024, REI laid off 357 employees, including 200 at headquarters, six in sales and customer support, 30 in the now defunct Experiences group, and 121 in its distribution centers. It previously eliminated 275 store worker jobs in October 2023.
In 2024, REI lost two key executives: Former EVP and Chief Customer Officer Ben Steele departed, and former Senior VP Chris Speyer left for Mountain Equipment Company.
“REI’s long history of pioneering firsts, pushing boundaries, and creating greater access to the outdoors resonates deeply with me,” Damen said in a statement. “I look forward to building on REI’s legacy and contributing to its next chapter of exploration and impact.”
