\nYETI Holdings, Inc. (\u201cYETI\u201d or the \u201cCompany\u201d) (NYSE: YETI) today announced that it has appointed J. Magnus Welander and Arne Arens to its Board of Directors (the \u201cBoard\u201d), effective March 24, 2025. The Company also announced that it has entered into a cooperation agreement with stockholder Engaged Capital, LLC (collectively with certain of its affiliates, \u201cEngaged\u201d). The appointments of Messrs. Welander and Arens increase the size of YETI\u2019s Board to 10 members, nine of whom are independent.\n<\/p>\n
\nThese new appointments reflect the Company\u2019s ongoing Board refreshment efforts, which are focused on further aligning director experience and skillsets with YETI\u2019s strategy and future opportunities. In addition to collaborating with Engaged on this latest round of Board refreshment, YETI\u2019s management team has held extensive discussions with the firm about their shared goals of accelerating growth and enhancing stockholder value.\n<\/p>\n
\nRobert K. Shearer, Chair of the YETI Board, commented: \u201cWe are pleased to welcome J. Magnus and Arne to the YETI Board and appreciate the role Engaged Capital played in identifying Arne as a prospective Board member. These appointments are part of our comprehensive and ongoing refreshment process, and we are confident that J. Magnus\u2019 and Arne\u2019s extensive experience and knowledge of consumer brands will be complementary additions to our Board. We look forward to benefitting from their perspectives as we remain focused on driving growth and delivering sustainable value for our stockholders.\u201d\n<\/p>\n
\nMatt Reintjes, President and Chief Executive Officer of YETI, noted: \u201cWe continue to build upon our proven history of expanding the YETI brand and product portfolio, delivering high quality growth, and exceptional cash generation. The addition of J. Magnus\u2019 and Arne\u2019s collective experience leading relevant, global consumer brands complements our strategy and our Board. I look forward to partnering with J. Magnus and Arne as we grow YETI globally.\u201d\n<\/p>\n
\nMr. Welander added: \u201cIt is a privilege to join the YETI Board at this exciting time. I look forward to contributing by working with my fellow directors and management to ensure that YETI capitalizes on its strong brand position and momentum, explores new avenues of growth, and drives innovation to meet the evolving needs of its customers.\u201d\n<\/p>\n
\nMr. Arens added: \u201cYETI is a leading brand with incredible potential, which is one of the reasons I am excited to join this Board. Together with the management team and my fellow Board members, I intend to help advance the Company\u2019s objectives, support innovation, expand its customer base, and drive profitable growth.\u201d\n<\/p>\n
\nGlenn W. Welling, Founder and CIO of Engaged Capital, concluded: \u201cWe are pleased to have worked constructively with Matt and the Board and support these director appointments. YETI leadership has built a great business, and we invested in the Company based on the strength and extensibility of the brand. Arne and Magnus both have decades of experience positioning leading outdoor brands to grow into new categories and geographies. Their counsel will be invaluable to the management team as it executes on a strong plan to materially expand the product portfolio and enter new countries around the world.\u201d\n<\/p>\n
\nGoldman Sachs is serving as financial advisor and O\u2019Melveny & Myers LLP is serving as legal counsel to YETI. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to YETI. Olshan Frome Wolosky LLP is serving as legal counsel and Longacre Square Partners LLC is serving as advisor to Engaged.\n<\/p>\n
About J. Magnus Welander<\/b><\/p>\n
\nMr. Welander is the former Chief Executive Officer of Thule Group AB (\u201cThule\u201d), a global lifestyle and outdoor company. Prior to his career at Thule, he was Group CEO of the global pharma logistics company Envirotainer and held various managerial positions at the global food processing and packaging company Tetra Pak. He currently serves as Chairman of the Board at Mips, Embellence Group, and Eleiko Group. He has a degree in Civil Engineering from the Institute of Technology at Link\u00f6ping University.\n<\/p>\n
About Arne Arens<\/b><\/p>\n
\nMr. Arens is the former Chief Executive Officer of Boardriders, Inc. (\u201cBoardriders\u201d), a portfolio of performance, lifestyle, and footwear brands geared toward action sport enthusiasts. Prior to Boardriders, Mr. Arens served in roles of increasing seniority at The North Face, a subsidiary of V.F. Corporation. Prior to joining The North Face, Mr. Arens served in various executive roles with NIKE, Inc. in Europe. He holds a bachelor\u2019s degree in communication science and business administration from University of Amsterdam and an EMBA from Northwestern University.\n<\/p>\n
About YETI Holdings, Inc.<\/b><\/p>\n
\nHeadquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. For more information, please visit www.YETI.com<\/a>.\n<\/p>\n About Engaged Capital<\/b><\/p>\n \nEngaged Capital, LLC (\u201cEngaged Capital\u201d) is an investment advisor with a private equity-like investing style in the U.S. public equity markets. Engaged Capital seeks to help build sustainable businesses that create long-term stockholder value by engaging with and bringing an owner\u2019s perspective to the managements and boards of undervalued public companies and working with them to unlock the embedded value within their businesses. Engaged Capital focuses on delivering superior, long-term, risk-adjusted returns for our limited partners. Engaged Capital was established in 2012 and is based in Newport Beach, California. Learn more at www.engagedcapital.com<\/a>.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains \u2018\u2018forward-looking statements\u2019\u2019 within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements. For example, these include, but are not limited to, statements made relating to future actions, future appointments to and refreshment of our Board of Directors, expectations related to the appointment of Messrs. Welander and Arens to our Board of Directors, our collaboration with Engaged, and future performance or financial results. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: (i) economic conditions or consumer confidence in future economic conditions; (ii) our ability to maintain and strengthen our brand and generate and maintain ongoing demand for our products; (iii) our ability to successfully design, develop and market new products; (iv) our ability to effectively manage our growth; (v) our ability to expand into additional consumer markets, and our success in doing so; and (vi) the additional risks and uncertainties described in Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 28, 2024. For a more extensive summary of factors that could materially affect our results, you should read our Annual Report on Form 10-K for the year ended December 28, 2024 and our other filings with the United States Securities and Exchange Commission (the \u201cSEC\u201d), as such filings may be amended, supplemented or superseded from time to time by other reports YETI files with the SEC.\n<\/p>\n \nThese forward-looking statements are made based upon detailed assumptions and reflect management\u2019s current expectations and beliefs. While YETI believes that these assumptions underlying the forward-looking statements are reasonable, YETI cautions that it is very difficult to predict the impact of known factors, and it is impossible for YETI to anticipate all factors that could affect actual results.\n<\/p>\n \nThe forward-looking statements included here are made only as of the date hereof. YETI undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. Many of the foregoing risks and uncertainties may be exacerbated by the global business and economic environment, including ongoing geopolitical conflicts.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250316648983\/en\/<\/a><\/span><\/p>\n Investor Relations: Media: KEYWORDS:<\/b> United States North America Texas<\/p>\n INDUSTRY KEYWORDS:<\/b> Food\/Beverage Online Retail Fashion Other Retail Retail<\/p>\n<\/p>\n
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Maria Lycouris
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Solebury Strategic Communications
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Investor.relations@yeti.com<\/a><\/p>\n
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YETI Holdings, Inc. Media Hotline
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Media@yeti.com<\/a><\/p>\n
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