Leslie's names Jason McDonell as next CEO as Michael Egeck departs

By Paul Ziobro

Leslie's (LESL) named Jason McDonell as its next chief executive, succeeding Michael Egeck, who left the pool and spa supply retailer a little over a month after the company cut its outlook amid difficult industry conditions.

The appointment of McDonell, 50, who was executive vice president of merchandising, marketing and e-commerce at the auto-parts retailer Advance Auto Parts (AAP), is effective Sept. 9, while Egeck's departure is effective Monday. John Strain, Leslie's chairman, will serve as interim CEO in the meantime.

The switch comes as Leslie's faces challenges. The company in July cut its outlook for the year, citing unfavorable weather to start the pool season and the impact that inflation and high interest rates are having on big-ticket purchases. Leslie's on Monday backed its most recent guidance.

Egeck joined Leslie's in February 2020, shortly before the pandemic began and sparked a spike in pool demand that boosted the industry. Pool construction, however, has tapered off, and companies such as Leslie's and Pool Corporation (POOL), a distributer, have struggled lately.

Prior to Advance Auto Parts, McDonell spent 21 years at PepsiCo, rising up to Canada president and general manager for PepsiCo Food, where he was responsible for the Canadian Frito-Lay and Quaker businesses.

He will receive a base salary of $850,000, a $350,000 signing bonus and a target bonus of 100% of his salary, according to a filing with the Securities and Exchange Commission.

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08-26-24 1729ET

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