The boss of outdoor fabric manufacturer Polartec has announced he is standing down.
Andrew J Vecchione, president and chief executive of the Massachusetts-based firm, said he will stay at the helm of the company until his successor is found.
Mr Vecchione has overseen growth of brand, best known for its fleece material. Polartec extended its range in the last couple of years with the introduction of its NeoShell waterproof and breathable material which is being incorporated into a growing number of products.
He said: “The company has grown and prospered in the face of dramatic developments and trends affecting the apparel industry.”
Polartec is owned by private equity firm Versa Capital Management and Mr Vecchione has helped re-establish the firm after its bankruptcy in 2001.
He said: “This transition brings into alignment my own personal planning goals with the needs of the company and its shareholders as they contemplate an eventual sale of the company in the future.”
Mr Vecchione will stay on the Polartec board and will act as a senior adviser.
Board member Greg Segall, chief executive of Versa Capital Management, added: “Under Andy Vecchione’s leadership these last five years, Polartec has achieved historic sales, earnings and customer satisfaction levels, along with market-share growth and success in new product innovation.
“Not only has Andy guided the profitable growth of the company but he has also overseen growth into new markets such as industrial workwear and breathable waterproof with the launch of NeoShell.
“Polartec has been very successful, in large measure due to Andy’s efforts with the support of the management team and all Polartec employees worldwide.
For this the board and I are extremely grateful and we wish Andy the very best as he moves on to his next big challenge.”
Polartec said it expects to have a new chief executive in place before the end of the year.