Edward W. Stack
American heir and businessman (born 1954/1955)
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
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
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
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
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
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
^ a b c d e Gunther, Marc (April 27, 2010). "Retail's rising star" . Fortune . ISSN 0015-8259 . Retrieved June 7, 2018 .
^ a b c d e f "Forbes profile: Edward Stack" . Forbes . Retrieved February 9, 2021 .
^ 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 .
^ 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 .
^ 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 .
^ Stevens, Kevin (February 22, 2018). "Richie Karl among Greater Binghamton Hall of Fame inductees" . Press & Sun-Bulletin . Retrieved June 8, 2018 .
^ a b "Pittsburgh Business 2001: The Leaders, 41 – 50" . Pittsburgh Post-Gazette . March 25, 2001. Retrieved June 8, 2018 .
^ "Dick's Sporting Goods to open at Crossroads Bellevue" . Bellevue Reporter . October 20, 2017. Retrieved June 7, 2018 .
^ 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 .
^ "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 .
^ Williams, Christopher C. (February 23, 2013). "A Long-Distance Runner" . Barron's . ISSN 1077-8039 . Retrieved June 7, 2018 .
^ "Corporations and guns: How companies are reshaping the gun control debate" . www.cbsnews.com . October 6, 2019. Retrieved September 14, 2020 .
^ Casiano, Louis (October 7, 2019). "Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons" . Fox News . Retrieved September 14, 2020 .
^ 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 .
^ 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 .
^ 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.
^ Schooley, Tim (March 22, 2018). "Stack presses Congress to act on new gun control legislation in essay" . Pittsburgh Business Times . Retrieved June 7, 2018 .
^ "Dick's Sporting Goods appoints Lauren Hobart as new CEO" . Fashion Network . November 26, 2020. Retrieved February 9, 2021 .
^ Gibson, Keegan (March 21, 2011). "Roarty: Dicks Sporting Goods CEO Ed Stack Mulling Challenge to Casey" . PoliticsPA . Retrieved June 8, 2018 .
^ "Board of Directors" . National Retail Federation . Retrieved June 8, 2018 .
^ 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 .
^ "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.
^ a b c Hartford, James (October 31, 2005). "Six Elected to Sporting Goods Hall of Fame" . SGB Magazine . SGB Media. Retrieved June 8, 2018 .
^ "History Makers Awards and the week in review ..." Pittsburgh Post-Gazette . May 1, 2005. Retrieved June 8, 2018 .
^ "Hall of Fame Members" (PDF) . National Sporting Goods Association . Retrieved June 8, 2018 .
^ "Fisher Celebrates 62nd Commencement" . St. John Fisher College . May 7, 2016. Retrieved June 8, 2018 .
^ 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 .
^ a b Bandell, Brian (February 23, 2015). "Dick's Sporting Goods CEO buys South Florida mansion for $12M" . The Business Journals .