Cabela's has appointed Scott K. Williams as president, it announced Tuesday. The appointment splits the roles of president and chief executive.
Chief Executive Tommy Millner had held both roles since 2009. Williams, formerly executive vice president and chief commercial officer, will report to Millner.
The change is part of the Sidney, Nebraska-based company's "Vision 2020" plan, announced in October, the company said in a release. The plan scaled back new store growth and included other in-store changes after Cabela's reported disappointing third-quarter earnings. The company announced the plan about a month after it had laid off nearly 70 people at its corporate headquarters.
"We continue to take action to align our organization around Vision 2020, through which we will focus on serving our core customers and creating value for our shareholders, and Scott's appointment as president is an important step in that process," Millner said in a prepared statement.
The change also comes after New York hedge fund Elliott Management declared an 11 percent stake in Cabela's.
The activist investor said it would push for changes at Cabela's, including a possible sale of the company. It wasn't clear whether Williams' appointment was related to Elliott's demands.
Cabela's in December announced that it would undergo a "strategic review" and has been shopping itself around to private equity firms, according to Reuters. Bloomberg News also reported Missouri-based Bass Pro Shops was interested in buying the company.
So far this year, Cabela's stock is down about 14 percent.
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