Nautilus Group Announces Hiring of New CEO; Brian Cook Continues as Chairman
VANCOUVER, Wash., Jul 16, 2003 (BUSINESS WIRE) --
The Nautilus Group, Inc. (NYSE: NLS), a leading marketer, developer, and manufacturer of branded health and fitness products, announced that effective today, Gregg Hammann has joined Nautilus as President and Chief Executive Officer. Brian Cook, current Chief Executive Officer and Chairman, will continue with the company as Chairman.
The Nautilus Group Board of Directors said in a statement: "We have continuously added expertise to management as Nautilus has grown over the years. We are confident that Gregg Hammann as our Chief Executive Officer will deliver the leadership and vision necessary to further build and expand our business and drive shareholder value. Our Company has accomplished a great deal over the last 17 years during Brian Cook's tenure. The Company's leadership position in the fitness and healthy lifestyle markets and financial strength are a true testament to the strength of our organization and Brian's leadership and vision during this time period. The Company has evolved from a one-product company with virtually no sales to a company with sales in excess of $500 million distributing the leading brand names in health and fitness through multiple distribution channels."
The Board of Directors continued, "Gregg has a strong and successful record of working with consumer branded products, and he brings very valuable skill sets, particularly in the areas of leadership, strategy, brand management and customer focus. His enthusiasm for the underlying strength and potential of our brands and products, coupled with his marketing and branding expertise, makes us very excited about the future of The Nautilus Group under his leadership."
Prior to joining Nautilus, Gregg Hammann was Chief Customer Officer of North America and President of Latin America and Canada for Levi Strauss & Company. Prior to Levi Strauss, Mr. Hammann held senior management positions at McLeodUSA and The Coca-Cola Company. In addition to the aforementioned positions, he began his career with Procter and Gamble after graduating from the University of Iowa where he received a degree in Business Administration. Mr. Hammann also received an Executive MBA degree from the University of Wisconsin.
"The Nautilus Group is a leader in the fitness industry, with its portfolio of brands, strong balance sheet and no debt the company is in a great position to lead industry growth," said Gregg Hammann. "I am excited to lead Nautilus and build upon its strong position in the industry. I believe the Nautilus Group has tremendous potential for profitable growth. This potential and the strong management team, positions our company to capture this growth."
Brian Cook concluded, "I am very excited to have Gregg leading our Company. I believe his experience in the marketing of multiple consumer branded products is exactly what our Company needs at this important juncture. I look forward to helping him make this a seamless transition for the Company."
About The Nautilus Group
The Nautilus Group, Inc. is a leading marketer, developer, and manufacturer of branded health and fitness products sold under such well-known names as Nautilus, Bowflex, Schwinn and StairMaster. The Company currently markets its Bowflex and TreadClimber home fitness equipment and Nautilus Sleep Systems through its direct-marketing channel, using an effective combination of television commercials, infomercials, response mailings, the Internet, and inbound/outbound call centers. The Company sells its Nautilus, Schwinn and StairMaster commercial fitness equipment through its sales force and selected dealers to health clubs, government agencies, hotels, corporate fitness centers, colleges, universities, and assisted living facilities. The Nautilus Group also markets and sells a complete line of consumer fitness equipment, under its Nautilus, Schwinn and StairMaster brands, through a network of specialty dealers, distributors, and retailers worldwide. The Company is headquartered in Vancouver, Washington. The Nautilus Group is located on the Web at www.nautilusgroup.com.
From time to time, The Nautilus Group may issue forward-looking statements relating to its products and services, including statements regarding its direct and commercial/retail segment businesses. Factors that could affect The Nautilus Group's actual results include availability of media time and fluctuating advertising rates, a decline in consumer spending due to unfavorable economic conditions, expiration of important patents, its reliance on a limited product line, its ability to effectively develop, market, and sell future products, its ability to effectively identify and negotiate any future strategic acquisitions, its ability to integrate any acquired businesses into its operations, unpredictable events and circumstances relating to international operations including its use of foreign manufacturers, government regulatory action, and general economic conditions. Please refer to our reports and filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, for a further discussion of these risks and uncertainties. We also caution you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
SOURCE: The Nautilus Group, Inc.
The Nautilus Group, Inc. Rod Rice, 360-694-7722 or Investor Relations Inquiries: Integrated Corporate Relations, Inc. John Mills, 562-256-7049 or 203-222-9013
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