Former H.H. Gregg EVP and COO Gregg Throgmartin has been name CEO at upstart cycling retailer BikeStreet.
Throgmartin resigned from HH Gregg after a 13 year career which saw him rise to become EVP and COO of the 228 store consumer electronics retailer. He joins BikeStreet, a company founded in 2012, as it embarks on an ambitious strategy to growth from 17 stores to more than 1,000 stores during the next seven years.
BikeStreet’s strategy is to identify successful shop owners who are engaged with their local communities, bring them into BikeStreet as equity partners, and then help them expand their business to a new level of success as an integral part of the BikeStreet team. In the process, BikeStreet’s advanced systems significantly reduce their back-office requirements.
“As an investor in BikeStreet, I’ve been watching the growth of the company since they launched. Now, I look forward to having a direct role in it,” Throgmartin said. “Cycling is a rewarding business – there’s such passion for the sport, the culture and the people. BikeStreet has already established itself as an industry powerhouse, but we have the rare opportunity to take the brand to another level, to produce a significant return for our shareholders and to help our customers lead healthier lives. What could be better than that?”
Throgmartin takes over the CEO position from Pat Patregnani, who will remain an integral part of the BikeStreet team as founder and chairman of the board. The pair worked together for years as H.H. Gregg was a long time client of Zimmerman Advertising, where Patregnani served as CEO.
“During my time working with Gregg, I’ve developed a trust and respect for his integrity and character, as well as for his business acumen as a leader of a public company,” said Patregnani. “I have the utmost confidence in Gregg’s ability to deliver on our vision and and our operational objectives. He has the skill, the retail knowledge and the growth experience to execute our plan. I’m thrilled to have him as a vital part of our leadership team moving forward.”