West Marine Inc., a multi-channel retailer of boating supplies and accessories, has appointed Geoff Eisenberg as president and CEO. Eisenberg takes over at a time when the company is looking for ways to boost its financial performance.
West Marine Inc., a multi-channel retailer of boating supplies and accessories, has appointed Geoff Eisenberg as president and CEO.
He replaces outgoing CEO Peter Harris. Eisenberg has a 32-year affiliation with West Marine, No. 276 in the Internet Retailer Top 500 Guide. In addition to his 30 years on the board of West Marine, Eisenberg served the company in various senior executive positions from 1976 until 1994. Most recently, he ran a management and strategic consulting business specializing in CEO training and professional management development. Eisenberg is also a past CEO of Salz Leathers Inc., a manufacturer of leather goods based in Santa Cruz, CA, and is a past CEO of Greenhorn Creek Associates, an Angels Camp, CA, real estate development firm.
As CEO, Eisenberg will receive a base salary of $499,000, an annual bonus equal to his base salary based on the achievement of the West Marine annual business plan and an additional bonus of up to $250,000 based on other performance metrics, the retailer says in a regulatory filing. He also has the option to purchase 400,000 shares of West Marine stock.
Eisenberg takes over West Marine, which sells online at WestMarine.com, when the company is looking for ways to boost its financial performance. For the third quarter, the company reported net income of $5.3 million on total sales of $187.5 million, compared with net income of $2.9 million on sales of $195.6 million during the same quarter last year. Net income for the first nine months of the year reached $14.1 million on sales of $561.4 million vs. net income of $5.2 million on sales of $592.8 million in the prior year. Net income for the year improved as a result of better inventory control and other cost savings measures.
For the year, West Marine now expects sales to range from $681 million to $684 million, compared with an earlier range of $683 million to $688 million.