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In a perfect world, Dennis Madsen would have spent all of his summers as a river guide and all of his winters as a ski instructor.
Instead, he settled for what he figures was the next best thing a lifelong career at REI.
Madsen, who went to work at Recreational Equipment Inc. when he was 17, will retire next March at age 56 after 39 years at the outdoor gear and apparel co-op - the last five as CEO.
Madsen exits with REI flying high. When he became CEO in 2000, the co-op began the year with 54 stores in 23 states and $621 million in revenues. Today, REI operates 70 stores in 24 states with 2003 revenues of $805 million. In addition, the coop last year distributed $41 million in member refunds and donated nearly $2 million to outdoors-oriented organizations.
So far, 2004 looks like more of the same. Revenues are running 6 percent ahead of projections and comparable store sales are up 8 percent, leading Madsen to predict REI could finish the year with $900 million in revenues.
As a teen stocking shelves at REI's original store on Seattle's Capitol Hill, Madsen never dreamed he or the co-op would ascend to their present heights. All he knew...