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Edward W. Stack

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Edward W. Stack
Born1954 or 1955 (age 69–70)[1]
NationalityAmerican
EducationSt. John Fisher College (BAS, 1977)
Years active1984–present
TitleExecutive Chairman and CMO of Dick's Sporting Goods
Board member of
SpouseDonna A. 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, Richard "Dick" Stack. In February 2021, he was succeeded as CEO by Lauren Hobart.

Early life and education

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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]

Career

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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 service

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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]

Recognition

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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 life

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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]

References

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  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 "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. ^ "Corporations and guns: How companies are reshaping the gun control debate". www.cbsnews.com. October 6, 2019. Retrieved September 14, 2020.
  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.
  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. Archived from the original on November 30, 2020. 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.
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