REI CEO to Step Down Over Personal Relationship

Outdoor gear retailer REI will be parting ways with its CEO after it was revealed that he has been in a personal relationship that is of a conflict of interest.

President and CEO Jerry Stritzke, who has had the role since 2013, will have his last day on March 15, according to a statement from the company.

REI said the leadership change was announced at a staff meeting recently.

REI describes Stritzke’s relationship as “personal and consensual” and it was with the head of another group that operates in the outdoor space. Stritzke said that he regretted his actions.

“I regret few things in life but I am sorry that I did not disclose the relationship, and it’s time for the co-op to have a new leader,” he said in an open letter to staffers. ” The last thing I want is to damage REI and I deeply regret that any of this could impact the co-op.”

“We will always be grateful for Jerry’s drive,” Steve Hooper, REI’s chaiman of the board stated. “The conclusions of the investigation, however, were clear. Errors of judgment were made and Jerry and the board agree that REI needs a new leader to take the co-op forward from its very strong position.”

No financial improprieties were uncovered during the investigation.