"When Mary Beth Laughton became CEO of REI this year, one of the first things she did was aimed at improving relations with the employees of the struggling outdoors gear retailer: She apologized for REI's endorsement in January of President Donald Trump's candidate for Secretary of the Interior, Doug Burgum. "Let me be clear, signing that letter was a mistake," she said, referring to a letter her predecessor Eric Artz signed, along with a number of other outdoor focused companies, supporting Burgum's nomination."
"As a co-op, REI pays members a dividend, essentially a store credit equal to 10% of what they spent on full-price items the year before. Repairing relations with those front-line workers was key for Laughton, especially as the brand struggled: In 2024, REI sales fell 6% to $3.53 billion, following declines in the two prior years. The new CEO told Fortune in May 2025 that she wanted to return to "focusing on our roots," and she praised the Green Vests."
Mary Beth Laughton apologized for REI's endorsement in January of Doug Burgum for Secretary of the Interior, calling the signing of the letter a mistake. REI employees, known as Green Vests, had grown increasingly unhappy with a corporate culture that many saw as undermining the co-op's values. REI operates as a cooperative that pays members a dividend and historically returned roughly 70% of profits through dividends, bonuses, and industry investments. REI sales fell 6% to $3.53 billion in 2024 after declines in prior years. Laughton emphasized returning to the company's roots and praised frontline employees. Leadership announced three store closures for 2026 and outlined a three-year strategic plan called "Peak 28: Ascending Together."
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]