Vancouver-based Nautilus Inc. today announced Edward Bramson has stepped down from his role as CEO and chairman effective immediately.
The company said Bruce Cazenave, a former executive with Black & Decker and more recently with Central Garden, will serve as his replacement. In addition, Nautilus said current board member M. Carl Johnson III, an executive with experience at Campbell Soup and Kraft USA, has been promoted to non-executive chairman.
Bramson said Nautilus is pleased to be transitioning to new, experienced leadership now that the company’s “financial turnaround is complete.”
"I joined Nautilus as Chairman in late 2007 and became Chief Executive Officer in April 2008,” said Bramson in a press release. “During this time, the Nautilus team has achieved a remarkable transformation despite the difficult economic and consumer credit headwinds. We believe the company is now well positioned to move forward and to continue to capitalize on its achievements thus far.
"Bruce and Carl bring an extensive track record of successfully creating and building multi-billion dollar consumer brands,” he added. “Their key leadership roles with consumer products companies that are moving forward from their turnaround phase to sustained profitable growth is an ideal fit for Nautilus."
Nautilus posted a first-quarter profit of $1.6 million in late April, returning the company to profitability following several years of reported annual losses. Its shares went relatively unchanged today, closing at $2.62.
Meanwhile, the company announced Craig L. McKibben, who served on the Nautilus board for two years, has also tendered his resignation from the board effective immediately.
