CHAPEL HILL, NC (BRAIN)—Performance Bicycle, along with owner North Castle Partners, have named Jim Thompson as chief executive officer.
Last July, the private equity firm North Castle Partners acquired Performance.
Garry Snook, the founder of Performance Bicycle, will remain active in the organization as chairman of the board and continue to be a significant shareholder. Snook, who had been assuming chief executive officer duties, co-founded Performance out of his basement in 1982.
Thompson was previously president and chief executive officer of Golfsmith International, a leading multi-channel retailer of golf and tennis products. During his five-year tenure as chief executive officer, Thompson was responsible for overall management of the company, including development and implementation of its operating plan, strategic direction and talent management. Under his leadership, the company grew from its entrepreneurial beginnings to become the market leader, with Thompson eventually taking the company public. Prior to being named president and chief executive officer, he served for four years as SVP of merchandising and Retail operations.
“Thanks to the accomplishments of founder Garry Snook, Jim is joining the most popular multi-channel retailer in cycling today,” said Doug Lehrman, managing director at North Castle Partners. “We continue to believe there is much growth yet to be realized and Jim with his strong multi-channel retailing experience will provide the key to helping us achieve that. Whether people cycle for enjoyment, as a means of fitness or out of concern for the environment, the number of people cycling each year is increasing and Performance Bicycle is well poised to serve as their retailer of choice.”
“There is a large and untapped audience of consumers whom enjoy recreational cycling,” Thompson said. “We want to reach out and have them embrace Performance Bicycle for all of their cycling needs, just as our core cycling enthusiast audience has done. Thanks to the vision and efforts of founder Garry Snook, we are advantageously positioned to strengthen our leadership as the lifestyle cycling retailer of both the enthusiast and casual rider.”