VANCOUVER, WA-- The Nautilus Group Inc. today announced that chairman Brian Cook will retire effective March 1st, 2004 from his position as chairman and member of the board of directors. Gregg Hammann, president and CEO, has been elected to assume the additional position of chairman. The move comes a week after a recall of more than $400,000 Bowflex units while the company turns its attention away from its direct sales model.
“I am pleased with what we have accomplished since the company was founded in 1986," said Cook, reflecting on his tenure in a release. "With a very strong platform of health and fitness products and a strong management team in place, it seems appropriate that I retire as Chairman and as a member of the Board. Gregg joined Nautilus in July 2003 and his performance over the past six months has been outstanding. The prospects for the company's future are excellent under the leadership of Gregg and his entire senior management team and this confidence is shared by our entire board."
Brian Cook founded Bowflex, the predecessor to Nautilus, in 1986 and was elected chairman of the board in 1986 and served as CEO from 1986 to July 2003.
"Brian presided over the company as it evolved from the channel-focused Bowflex brand to a leading marketer, developer, and manufacturer of branded health and fitness products. This growth included the acquisitions of Nautilus, the fitness division of Schwinn/GT Corp. and StairMaster, which have enabled the company to considerably expand its portfolio of leading brands, product lines and channels of distribution. His focus on the diversification of products and sales channels and commitment to customer service and satisfaction has solidly placed the company on a path to growth," said Hammann. "I would like to thank our founder Brian Cook for having the vision to create a leader in this industry and look forward to many years of continued friendship.
"I am honored to assume the role of chairman and look forward to positioning Nautilus as the brand leader in the health and fitness industry. Our company has tremendous growth potential as we help educate people on the benefits of fitness. We have an exciting future in front of us as we engage our brands, programs and team to help people achieve a fit and healthy lifestyle."