Nautilus, Inc. announces the resignation of Chairman M. Carl Johnson, III
Longtime CEO retires after leading efforts to reinvigorate the board and support the company’s digital transformation
VANCOUVER, Wash. – June 16, 2022 – Nautilus, Inc. (NYSE:NLS), a leader in personalized, connected home fitness, today announced that Chairman M. Carl Johnson, III will resign from its Board of Directors effective August 2.
Johnson joined the Nautilus Board of Directors in 2010 and has served as Chairman of the Board of Directors of Nautilus, Inc. since 2011. He also served as interim CEO of the company from February 2019 to July 2019. An accomplished leader in the consumer products industry, Johnson previously served as executive vice president at JM Smucker Company and has held various leadership positions at Del Monte Foods, Big Heart Pet Brands, Campbell Soup Company, Kraft Foods and Colgate-Palmolive.
“It has been an honor and a privilege to serve on the Nautilus Board for the past 12 years,” said Johnson. “Backed by an experienced group of directors and an outstanding leadership team, Nautilus is on track to profitable size. I’m excited to see how the company will continue to evolve to meet the needs of today’s consumers while delivering on its core vision of making the world a healthier place, one person at a time.”
In recent years, Johnson has helped lead efforts to revitalize Nautilus’ board, bringing in business leaders with fresh perspectives and diverse backgrounds to complement the deep understanding of Nautilus’ business offered by veteran directors. Since 2020, Nautilus has added four new board members to improve oversight of the company’s strategic goals and expand the knowledge and skills of the board. Johnson was also instrumental in bringing on board Nautilus chief executive officer and board member Jim Barr, who has been a catalyst for the company’s digital transformation efforts over the past three years.
“I step down from the Board with full confidence in the diverse backgrounds, skills and perspectives of our directors – and proud of what the Board and management have achieved together,” added Johnson.
Johnson is involved in philanthropic efforts in his community and is a trustee of Wesleyan University’s Adelphic Educational Fund, which awards scholarships and supports educational, literary, and arts programs. He is also a member of the steering committee for the Kilts Center for Marketing at the University of Chicago Graduate School of Business, which awards scholarships to top marketing students and helps the school steer its marketing curriculum. Mr. Johnson is also a member of the Nutrition Round Table, Harvard TH Chan School of Public Health, Harvard University.
“I want to thank Carl for his dedicated years on the board,” said Jim Barr, CEO of Nautilus, Inc. “Under his leadership, we have built a strategic, forward-thinking board that will help us continue to advance as we continue our digital transformation away. With our consumer at the heart of everything we do, coupled with the right strategy, excellent progress toward our vision, and disciplined execution, we have emerged from the pandemic as a much stronger company.”
A new Chief Executive Officer will be appointed following the Nautilus AGM on Tuesday, August 2, 2022.
For more information on the Nautilus leadership team, including our current Board of Directors, please visit our website.
About Nautilus Inc.
Nautilus, Inc. (NYSE:NLS) is a global leader in digitally connected home fitness solutions. The company’s family of brands includes Bowflex®, Nautilus®, Schwinn® and JRNY®, its digital fitness platform. With a broad selection of exercise bikes, cardio equipment and strength training products, Nautilus, Inc. enables healthier living through personalized, connected fitness experiences; and imagines building a healthier world, one person at a time.
Headquartered in Vancouver, Wash., the company’s products are sold direct to consumers through branded websites and through retail partners, and are available throughout the United States and internationally. Nautilus, Inc. uses the Investor Relations section of its website (www.nautilusinc.com/investors) to provide information to its investors and the market.
This press release contains forward-looking statements (statements that are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995, including: proposed, projected or forecast financial, operating results and capital expenditures, including but not limited to net revenue growth rates, gross margins, operating expenses, operating margins, anticipated demand for the company’s new and existing products, statements about the company’s prospects, resources or capabilities; planned investments, strategic initiatives and the expected or desired results of such initiatives; the impact of the COVID-19 pandemic on the Company’s business; and planned operational initiatives and the anticipated cost-saving results of such initiatives. All of these forward-looking statements are subject to risks and uncertainties, which are subject to change at any time. Factors that could cause Nautilus, Inc.’s actual expectations to differ materially from these forward-looking statements also include: weaker than expected demand for new or existing products; our ability to timely purchase inventory that meets our quality control standards from foreign manufacturers from a single source at a reasonable cost; risks related to actual and potential delays, work stoppages or supply chain disruptions, including shipping delays due to the severe shortage of shipping containers; an inability to pass on or otherwise mitigate the effects of increases in commodity prices and other cost pressures, including unfavorable exchange rates and increased shipping costs; delays and/or higher than anticipated costs related to new product launches, entry into new markets or strategic initiatives; our ability to hire and retain key management personnel; changes in consumer fitness trends; changes in the media usage habits of our target customers or the effectiveness of our media advertising; a decrease in consumer spending due to unfavorable economic conditions; risks related to the impact of the COVID-19 pandemic or similar public health crises on our business; softness in the retail market; the availability and timing of capital to fund our strategic initiatives, including the ability to raise capital on favorable terms or at all; Changes in financial markets, including changes in credit markets and interest rates that affect our ability to access those markets on favorable terms and the effect of future impairments. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission, including the “Risk Factors” set forth in our Annual Report on Form 10-K supplemented by our Quarterly Reports on Form 10- Q These filings are available on our website or at www.sec.gov. You are cautioned that any such statements are not guarantees of future performance and that our actual results could differ materially from those contained in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent developments, events or circumstances.
The Hoffmann agency
Source: Nautilus, Inc.