Edward W. Stack (born 1954/1955) is an American

billionaire A billionaire is a person with a net worth of at least one billion (1,000,000,000, i.e., a thousand million) units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. The American busin ...

businessman. In 1984, Stack took over as

chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

(CEO) of

Dick's Sporting Goods Dick's Sporting Goods, Inc. (stylized as "DICK'S Sporting Goods") is an American sporting goods retail company, based in Coraopolis, Pennsylvania. The company was established by Richard "Dick" Stack in 1948, and has approximately 854 stores an ...

, a

sports equipment Sports equipment, sporting equipment, also called sporting goods, are the tools, materials, apparel, and gear used to compete in a sport and varies depending on the sport. The equipment ranges from balls, nets, and protective gear like helmets. ...

retailing company founded in 1948 by his father, Dick Stack. In February 2021, he was succeeded as CEO by

Lauren Hobart Lauren Hobart (born 1969/1970) is an American businesswoman, and has been the CEO of Dick's Sporting Goods since February 2021. Early life and education Hobart earned a bachelor's degree from the University of Pennsylvania, and a Master of Busi ...

Early life and education

Edward W. Stack is the son of Richard "Dick" Stack, who founded

retailer

in 1948. He grew up in the East Side neighborhood of

Binghamton, New York Binghamton () is a city in the U.S. state of New York, and serves as the county seat of Broome County. Surrounded by rolling hills, it lies in the state's Southern Tier region near the Pennsylvania border, in a bowl-shaped valley at the conflue ...

, attended public schools, and played baseball and football at Binghamton North High School. Stack received a

Bachelor of Arts and Science Bachelor of Arts and Science(s) (BA&Sc, BASc, BAS, B.A.&Sc., B.A.Sc., or B.A.S.), sometimes also named Bachelor of Science and Arts (BSA), is an undergraduate bachelor's degree conferred by a small number of universities from countries including the ...

degree in accounting from

St. John Fisher College St. John Fisher University is a private liberal arts college in Pittsford, New York. It is named after John Fisher, an English Catholic cardinal and saint. It was named St. John Fisher College until July 1, 2022. History St. John Fisher Univers ...

in 1977. He planned to become a lawyer, but opted to help run the family business after his father's health declined.

Career

Stack and his siblings purchased Dick's from their father in the early 1980s, when the company had two locations in

Upstate New York Upstate New York is a geographic region consisting of the area of New York State that lies north and northwest of the New York City metropolitan area. Although the precise boundary is debated, Upstate New York excludes New York City and Long Is ...

. He became

and

following his father's retirement in 1984. Stack established a

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

, opened additional stores, and relocated the company's headquarters to

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

in 1994. He led the company during its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

in 2002. Stack owned approximately 25 percent of the company's

common stock Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Com ...

, and controlled nearly two-thirds of its voting shares, as of 2010. After selling 5.8 percent of his holdings in 2013, he owned around 20 percent of the company, primarily via

Class B share In finance, a Class B share or Class C share is a designation for a share class of a common or preferred stock that typically has strengthened voting rights or other benefits compared to a Class A share that may have been created. The equity str ...

s. Following the

Stoneman Douglas High School shooting On February 14, 2018, 19-year-old Nikolas Cruz opened fire on students and staff at Marjory Stoneman Douglas High School in the Miami suburban town of Parkland, Florida, murdering 17 people and injuring 17 others. Cruz, a former student at t ...

in February 2018, Stack announced that Dick's and its subsidiaries would stop selling military pattern semi-automatic rifles and

high-capacity magazine A high-capacity magazine (or large-capacity magazine) is a magazine capable of holding more than the usual number of rounds of ammunition for a particular firearm. A magazine may also be defined as high-capacity in a legal sense, based on the nu ...

s, and would not sell

firearm A firearm is any type of gun designed to be readily carried and used by an individual. The term is legally defined further in different countries (see Legal definitions). The first firearms originated in 10th-century China, when bamboo tubes ...

s to people under the age of 21. In addition, Stack reported to destroy $5 million worth of assault-style-type rifles then in Dick's inventory. He has advocated for stronger

gun control Gun control, or firearms regulation, is the set of laws or policies that regulate the manufacture, sale, transfer, possession, modification, or use of firearms by civilians. Most countries have a restrictive firearm guiding policy, with on ...

and worked to enact change by hiring lobbyists and meeting with politicians. Stack is estimated to have a net worth of as of February 2018. In February 2021, he was succeeded as CEO by

Board service

Stack has served on the boards of the

Greater Pittsburgh Chamber of Commerce The Greater Pittsburgh Chamber of Commerce is a Pittsburgh area non-profit that promotes business and community development throughout Southwestern Pennsylvania. Founded on December 5, 1874 the chamber received its charter on July 8, 1876 due to ...

KeyCorp KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is one of the largest banks in the United States. Key's customer base spans retail, small ...

, the

National Retail Federation The National Retail Federation (NRF) is the world's largest retail trade association. Its members include department stores, specialty, discount, catalog, Internet, and independent retailers, chain restaurants, grocery stores, and multi-level ma ...

, and

Seton Hall University Seton Hall University (SHU) is a private Catholic research university in South Orange, New Jersey. Founded in 1856 by then-Bishop James Roosevelt Bayley and named after his aunt, Saint Elizabeth Ann Seton, Seton Hall is the oldest diocesan un ...

, as well as the

advisory board An advisory board is a body that provides non-binding strategic advice to the management of a corporation, organization, or foundation. The informal nature of an advisory board gives greater flexibility in structure and management compared to th ...

Wharton School of the University of Pennsylvania The Wharton School of the University of Pennsylvania ( ; also known as Wharton Business School, the Wharton School, Penn Wharton, and Wharton) is the business school of the University of Pennsylvania, a Private university, private Ivy League rese ...

's Jay H. Baker Retailing Initiative.

Recognition

In 1997, Stack ranked fourth in the "consumer-retailing/hardlines" category of magazine ''

Institutional Investor An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked co ...

'' survey of the best chief American executives, and was named "Sports Executive Visionary of the Year" by magazine ''SportStyle''. He was named "Entrepreneur of the Year in Southwestern Pennsylvania" by

Ernst & Young Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and Pricewaterh ...

in 1999. In 2005, Stack received a History Makers Award in the "business and industry" category from the

Heinz History Center The Senator John Heinz History Center, an affiliate of the Smithsonian Institution, is the largest history museum in the Pennsylvania, Commonwealth of Pennsylvania, United States. Named after U.S. Senator H. John Heinz III (1938–1991) from Pennsy ...

. He was inducted into the

National Sporting Goods Association The National Sporting Goods Association (NSGA) is an American industry trade group representing retailers, wholesalers and manufacturers of sports equipment Sports equipment, sporting equipment, also called sporting goods, are the tools, mat ...

's Sporting Goods Industry Hall of Fame in 2006. Stack received a Humanity and Service Award from the Bus Stops Here Foundation in 2014, and a Major John H. Russell Leadership Award from

Marine Corps University Marine Corps University is a professional military education university system of the United States Marine Corps. It is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award Master's Degrees. H ...

's foundation in 2015. He was given an

honorary degree An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hono ...

doctor of humane letters The degree of Doctor of Humane Letters (; DHumLitt; DHL; or LHD) is an honorary degree awarded to those who have distinguished themselves through humanitarian and philanthropic contributions to society. The criteria for awarding the degree differ ...

from his alma mater, after delivering a

commencement speech A commencement speech or commencement address is a speech given to graduating students, generally at a university, although the term is also used for secondary education institutions and in similar institutions around the world. The commencement ...

in 2016.

Personal life

Stack is married to Donna A. Stack. In February 2015, the couple acquired an 8,946-square-foot home in

North Palm Beach, Florida North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. It is part of the Miami Metropolitan Area. The population was 13,162 at the 2020 census. The village won an award from the National Association of Home Buil ...

, for . He is happily married, and lives in

Sewickley, Pennsylvania Sewickley is a Borough (Pennsylvania), borough in Allegheny County, Pennsylvania, west northwest of Pittsburgh along the Ohio River. It is a residential suburb of Pittsburgh. The population was 3,827 according to the United States Census 2010, 20 ...

with Donna.

References

{{DEFAULTSORT:Stack, Edward W. 1950s births Living people 20th-century American businesspeople 21st-century American businesspeople American billionaires American retail chief executives People from Binghamton, New York People from Sewickley, Pennsylvania St. John Fisher University alumni