Build-A-Bear Workshop president and CEO Sharon Price John will step down later this year as part of the company’s multi-year succession plan.
Price John has led the company since 2013, overseeing a financial turnaround and spearheading a strategic transformation that expanded the brand’s global footprint.
She will retire from her role effective June 11, the date of the company’s annual shareholders’ meeting.
The board has appointed Chris Hurt, currently chief operations and experience officer, to succeed as CEO. Hurt will also join the board, where Price John will remain a member to ensure a smooth transition.
Hurt joined Build-A-Bear in 2015, having played an “invaluable” role in both the company’s multi-year turnaround and the development and execution of its strategy. He previously held various senior leadership roles at American Eagle Outfitters.
Management said Hurt’s election as CEO concludes a deliberate, multi-year succession planning process. Hurt underwent a preparation process with the aid of a global consulting and search firm, mentorship from Price John, external coaching, and direct engagement with all directors.
“His outstanding record of business achievement, strategic initiative, exceptional knowledge and trust of the organization, as well as his dedication to the continued success and expansion of the company, served as proof points supporting the board’s confidence that he is uniquely prepared to drive the corporation forward in a manner that is designed to continue creating long-term shareholder value,” commented board chair Craig Leavitt.
The CEO announcement comes as Build-A-Bear reported a 2.7 per cent sales uplift to $154.5 million in the fourth quarter, which ended on January 31.
Pre-tax income, however, fell 21.8 per cent to $21.5 million due to tariffs and related costs.
For the full year, revenues rose 5.6 per cent to $529.8 million, and Pre-tax income edged up 0.1 per cent to $67.2 million.
At the end of the fiscal year, the company had 662 stores, including 375 corporately-managed, 178 partner-operated, and 109 franchise locations.
Management expects mid-single-digit revenue growth in the new fiscal year.
- Further reading: Build-A-Bear’s revenues rise setting record results.
