The board of Nordic sports retailer XXL ASA and Pål Wibe agreed on May 13 that the latter will step down as CEO on Sept. 1 of this year. The Norwegian Sports Industry Association wrote in a statement that the reason was disagreement over XXL’s priorities and future path. Wibe will continue in his role until the end of August and stay responsible for day-to-day operations while ensuring that XXL’s strategic transition program progresses well. After that, he will be available for the company until the end of 2022 to ensure a good handover to his successor. Wibe emphasized that he agrees with the board on many things, including XXL’s concept and overall strategy. Where the parties disagree is on which investments and projects are most urgent.
“Despite the pandemic, it has been a pleasure to lead XXL over the past two years. We have had profit growth while completing several strategic projects. I am proud of what we have accomplished as a team. The board and I are in complete agreement on the strategic direction, but we disagree on the execution and what priorities are most important for XXL right now. I have had an open and good dialogue with the board, and both parties have concluded that it is right to part on amicable terms,” Wibe commented.
The chairman of the board, Hugo Maurstad, said XXL is a better company today than it was two years ago when Wibe joined the company as CEO. “The board is grateful for Pål’s impressive and energetic commitment to XXL throughout the pandemic and up to today. Together with a competent management team, Pål has built a robust organization and developed XXL in several key areas. We are now well-positioned to gain market share and increase profitability in the coming years.”
XXL had reported a single-digit percentage decline in revenues for its most recent quarter, mainly due to a bad winter in Scandinavia and Covid-related closures in Norway and Austria. At the same time, however, it announced “an ambitious e-commerce growth strategy” and a store expansion with 3 to 5 doors per year.
