SAN JUAN CAPISTRANO, Calif. (BRAIN) — David Loechner has resigned from Emerald Expositions Events, where he has been president and CEO since 2013. Emerald is the owner of the Interbike and the Outdoor Retailer trade shows. It also owns Bicycle Retailer & Industry News, which is operated under license by NBDA Services.
Loechner also resigned as a member of the board, effective Nov. 8. The board has begun a search for a permanent successor. In the meantime, Philip Evans, Emerald's CFO, will serve as interim president and CEO. Loechner will stay with the company as an employee through the end of the year.
Loechner said, "After more than 35 years with Emerald and its predecessor companies, this was a difficult decision to make. However, I believe that the company is well positioned in its industry and its end markets, and this is the right time for me to retire from Emerald. It has been an honor and privilege to lead the company over the last eight years and to have worked with so many talented people. Together we have accomplished a great deal, and I look forward to working with Phil and team, through the end of the year, to ensure the business transitions smoothly."
Kosty Gilis, chairman of the board, said, "On behalf of the board, I would like to thank David for his leadership and numerous contributions over the past five years as we successfully built Emerald into the leading business-to-business trade show operator in the United States. With David's strategic vision and day-to-day management, we have built a strong foundation consisting of a portfolio of industry-leading shows and events that position Emerald for continued success."
Also on Thursday, Emerald announced its third-quarter earnings and sales. Revenue was up 2.7 percent over the prior year to $103.1 million, while net income was up 8.9 percent to $20.9 million.
The company said it saw "robust growth from several of our trade shows, including Outdoor Retailer Summer Market."
In an investor conference call, Evans said, "The Outdoor Retailer Summer Market was our third-largest trade show in the quarter and took place for the first time in Denver since moving from Salt Lake City. We were pleased with the mid-single-digit percentage revenue growth over the prior-year edition, and perhaps more importantly, the overwhelmingly positive industry reaction to the new venue."
The Outdoor Retailer Winter Market opens in Denver next week; it will be OR's second show in Denver following a long run in Salt Lake City.
Regarding Interbike, Evans said, "The show successfully expanded its demo activities. The revenues for the main trade show floor declined to the double-digit rate. We’re reviewing the feedback from the recent show to determine whether to adjust our strategy for the show going forward."
Emerald's stock (NYSE: EEX) fell nearly 18 percent on Thursday, down $2.61 to close at $12.01.
