BikeStreet adds h.h.gregg's Throgmartin as new CEO
Specialty bike retailer BikeStreet announced the appointment of former h.h.gregg (NYSE:HGG) EVP and COO Gregg Throgmartin as its new CEO, with plans to grow the fledgling chain to 1,000 locations.
"As an investor in BikeStreet, I've been watching the growth of the company since they launched. Now, I look forward to having a direct role in it," said Throgmartin. "Cycling is a rewarding business – there's such passion for the sport, the culture and the people. BikeStreet has already established itself as an industry powerhouse, but we have the rare opportunity to take the brand to another level, to produce a significant return for our shareholders and to help our customers lead healthier lives. What could be better than that?"
Throgmartin takes over the CEO position from Pat Patregnani, who will retain the title of founder and chairman. The two worked together previously, as h.h.gregg is a long-time client of Zimmerman Advertising, where Patregnani is CEO.
"During my time working with Gregg, I've developed a trust and respect for his integrity and character, as well as for his business acumen as a leader of a public company," said Patregnani. "I have the utmost confidence in Gregg's ability to deliver on our vision and our operational objectives. He has the skill, the retail knowledge and the growth experience to execute our plan."
Over the next seven years, BikeStreet plans to acquire or open nearly 1,000 shops across the nation. The retailer was created by avid cyclists for avid cyclists and BikeStreet's strategy is to identify successful shop owners who are engaged with their local communities, bring them into BikeStreet as equity partners, and then help them expand their business. The owners then have access to BikeStreet's advanced systems to streamline back-office operations.
"We want shop owners who want to be part of something bigger – great leaders to add to our team," said Throgmartin. "It is the collected dedication of everyone involved with BikeStreet that has truly made the brand a success thus far. I have no doubt that the momentum will continue as we look toward the next phase in company growth."
-See this BikeStreet press release
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