Edward W. Stack

Edward W. Stack (born 1954/1955) is an American billionaire businessman. In 1984, Stack took over as chairman and chief executive officer (CEO) of Dick's Sporting Goods, a sports equipment retailing company founded in 1948 by his father, Dick Stack. In February 2021, he was succeeded as CEO by Lauren Hobart.

Edward W. Stack
Born1954/1955 (age 66–67)[1]
NationalityAmerican
EducationSt. John Fisher College (BAS, 1977)
Years active1984–present
TitleExecutive Chairman and CMO of Dick's Sporting Goods
Board member of
Spouse(s)Donna A. Stack

Early life and educationEdit

Edward W. Stack is the son of Richard "Dick" Stack,[1] who founded sports equipment retailer Dick's Sporting Goods in 1948.[2][3][4] He grew up in the East Side neighborhood of Binghamton, New York, attended public schools, and played baseball and football at Binghamton North High School.[1][5][6] Stack received a Bachelor of Arts and Science degree in accounting from St. John Fisher College in 1977.[1][2][4] He planned to become a lawyer, but opted to help run the family business after his father's health declined.[7]

CareerEdit

Stack and his siblings purchased Dick's from their father in the early 1980s, when the company had two locations in Upstate New York.[4][5][8] He became chairman and chief executive officer following his father's retirement in 1984.[2][3] Stack established a board of directors, opened additional stores, and relocated the company's headquarters to Pittsburgh in 1994.[4][9] He led the company during its initial public offering in 2002.[2][3]

Stack owned approximately 25 percent of the company's common stock, and controlled nearly two-thirds of its voting shares, as of 2010.[1] After selling 5.8 percent of his holdings in 2013, he owned around 20 percent of the company, primarily via Class B shares.[10][11] Following the Stoneman Douglas High School shooting in February 2018, Stack announced that Dick's and its subsidiaries would stop selling military pattern semi-automatic rifles and high-capacity magazines, and would not sell firearms to people under the age of 21.[3] In addition, Stack reported to destroy $5 million worth of assault-style-type rifles then in Dick's inventory.[12][13][14] He has advocated for stronger gun control and worked to enact change by hiring lobbyists and meeting with politicians.[15][16][17]

Stack is estimated to have a net worth of US$1.2 billion as of February 2018.[3]

In February 2021, he was succeeded as CEO by Lauren Hobart.[18]

Board serviceEdit

Stack has served on the boards of the Greater Pittsburgh Chamber of Commerce, KeyCorp,[19] the National Retail Federation,[20] and Seton Hall University,[7] as well as the advisory board of Wharton School of the University of Pennsylvania's Jay H. Baker Retailing Initiative.[21]

RecognitionEdit

In 1997, Stack ranked fourth in the "consumer-retailing/hardlines" category of magazine Institutional Investor's survey of the best chief American executives, and was named "Sports Executive Visionary of the Year" by magazine SportStyle.[22][23] He was named "Entrepreneur of the Year in Southwestern Pennsylvania" by Ernst & Young in 1999.[23] In 2005, Stack received a History Makers Award in the "business and industry" category from the Heinz History Center.[24] He was inducted into the National Sporting Goods Association's Sporting Goods Industry Hall of Fame in 2006.[23][25] Stack received a Humanity and Service Award from the Bus Stops Here Foundation in 2014, and a Major John H. Russell Leadership Award from Marine Corps University's foundation in 2015.[21] He was given an honorary degree of doctor of humane letters from his alma mater, after delivering a commencement speech in 2016.[26][27]

Personal lifeEdit

Stack is married to Donna A. Stack.[28][2] In February 2015, the couple acquired an 8,946-square-foot home in North Palm Beach, Florida, for $12 million.[28] He is happily married, and lives in Sewickley, Pennsylvania with Donna.[2]

ReferencesEdit

  1. ^ a b c d e Gunther, Marc (April 27, 2010). "Retail's rising star". Fortune. ISSN 0015-8259. Retrieved June 7, 2018.
  2. ^ a b c d e f g "Forbes profile: Edward Stack". Forbes. Retrieved February 9, 2021.
  3. ^ a b c d e Begley, Sarah (February 28, 2018). "What to Know about Edward Stack, the CEO of Dick's Sporting Goods". Time. ISSN 0040-781X. OCLC 1311479. Retrieved June 7, 2018.
  4. ^ a b c d Lindeman, Teresa F. (November 20, 2004). "Ed's way stacks up well for Dick's Sporting Goods". Pittsburgh Post-Gazette. Block Communications. ISSN 1068-624X. Retrieved June 7, 2018.
  5. ^ a b Platsky, Jeff (February 28, 2018). "In the national spotlight: Ed Stack's roots are in Binghamton". Press & Sun-Bulletin. Gannett Company. ISSN 0886-8816. OCLC 12636926. Retrieved June 7, 2018.
  6. ^ Stevens, Kevin (February 22, 2018). "Richie Karl among Greater Binghamton Hall of Fame inductees". Press & Sun-Bulletin. Retrieved June 8, 2018.
  7. ^ a b "Pittsburgh Business 2001: The Leaders, 41 – 50". Pittsburgh Post-Gazette. March 25, 2001. Retrieved June 8, 2018.
  8. ^ "Dick's Sporting Goods to open at Crossroads Bellevue". Bellevue Reporter. October 20, 2017. Retrieved June 7, 2018.
  9. ^ LaWell, Carolyn (October 27, 2010). "Ed Stack stays close to his business to make Dick's Sporting Goods better". Smart Business. Retrieved June 7, 2018.
  10. ^ "Pittsburgh Post-Gazette Business Briefs Column". Pittsburgh Post-Gazette. May 31, 2003. Archived from the original on November 12, 2018. Retrieved June 8, 2018 – via HighBeam Research.
  11. ^ Williams, Christopher C. (February 23, 2013). "A Long-Distance Runner". Barron's. ISSN 1077-8039. Retrieved June 7, 2018.
  12. ^ October 6, CBS News; 2019; Am, 9:31. "Corporations and guns: How companies are reshaping the gun control debate". www.cbsnews.com. Retrieved September 14, 2020.CS1 maint: numeric names: authors list (link)
  13. ^ Casiano, Louis (October 7, 2019). "Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons". Fox News. Retrieved September 14, 2020.
  14. ^ Stack, Ed (October 8, 2019). Publisher's Excerpt of It's How We Play the Game. Simon and Schuster. ISBN 978-1-9821-1691-0.CS1 maint: date and year (link)
  15. ^ McGregor, Jena (March 7, 2018). "Dick's Sporting Goods CEO Ed Stack called for specific reforms on gun sales, and that made a splash". The Philadelphia Inquirer. Philadelphia Media Network. Retrieved June 7, 2018 – via The Washington Post.
  16. ^ Townsend, Matt (May 30, 2018). "Dick's Sporting Goods jumps as earnings guidance outweighs gun controversy". Connecticut Post. Hearst Communications. Retrieved June 7, 2018 – via Bloomberg L.P.
  17. ^ Schooley, Tim (March 22, 2018). "Stack presses Congress to act on new gun control legislation in essay". Pittsburgh Business Times. Retrieved June 7, 2018.
  18. ^ "Dick's Sporting Goods appoints Lauren Hobart as new CEO". Fashion Network. November 26, 2020. Retrieved February 9, 2021.
  19. ^ Gibson, Keegan (March 21, 2011). "Roarty: Dicks Sporting Goods CEO Ed Stack Mulling Challenge to Casey". PoliticsPA. Retrieved June 8, 2018.
  20. ^ "Board of Directors". National Retail Federation. Retrieved June 8, 2018.
  21. ^ a b "St. John Fisher College to Celebrate 62nd Commencement; CEO of Dick's Sporting Goods-a Fisher alumnus-to Deliver Keynote Address". St. John Fisher College. March 11, 2016. Retrieved June 8, 2018.
  22. ^ "Pittsburgh-area CEOs ranked at the top of their class". Pittsburgh Tribune-Review. April 18, 2009. Archived from the original on November 12, 2018. Retrieved June 8, 2018 – via HighBeam Research.
  23. ^ a b c Hartford, James (October 31, 2005). "Six Elected to Sporting Goods Hall of Fame". SGB Magazine. SGB Media. Retrieved June 8, 2018.
  24. ^ "History Makers Awards and the week in review ..." Pittsburgh Post-Gazette. May 1, 2005. Retrieved June 8, 2018.
  25. ^ "Hall of Fame Members" (PDF). National Sporting Goods Association. Retrieved June 8, 2018.
  26. ^ "Fisher Celebrates 62nd Commencement". St. John Fisher College. May 7, 2016. Retrieved June 8, 2018.
  27. ^ Jaschik, Scott (March 16, 2016). "Commencement Speakers Announced: Albany Pharmacy, DePauw, Hamilton, Harvard, Iona, Lasell, Linfield, Randolph-Macon, Southwestern, St. John Fisher, Tulane, Woodbury". Inside Higher Ed. OCLC 721351944. Retrieved June 8, 2018.
  28. ^ a b Bandell, Brian (February 23, 2015). "Dick's Sporting Goods CEO buys South Florida mansion for $12M". The Business Journals.