LeBonte Resigns as President of Reebok

C. Joseph LeBonte has resigned as president, chief operating officer and a director of Reebok International to return to the presidency of Vantage Group, a Palos Verdes-based venture capital firm.

LeBonte founded the investment firm in 1983 after he resigned as president of 20th Century Fox. LeBonte, 50, joined Reebok in March, 1987.

Paul Fireman, Reebok’s chairman and chief executive, will assume LeBonte’s titles and duties, a spokesman for the Stoughton, Mass.-based company said.

“Joe has contributed greatly to Reebok and we understand his desire to return to California, and we all wish him our best in his future pursuits,” Fireman said in a statement.

Reebok is the leader in the athletic shoe market, though it stumbled last year. So far this year, results have been better, with Reebok posting net income of $140 million, up 7.5%, on sales of $1.4 billion, which were virtually unchanged from the same period last year.

LeBonte’s departure probably was not initiated by Fireman, said John Horan, publisher of Sporting Goods Management News, a respected trade newsletter.

“Joe and Paul seemed to have a very good working relationship,” Horan said. “I think (the resignation) came from LeBonte.”

Reebok’s problems came about, Horan said, because company officials thought “if we just throw more shoes out there and do some spending, there’s just no limit to the demand for Reebok shoes.” But officials amassed too much inventory and spent too much in some areas, he said.

“This year they paid more attention to the financial management of the company,” Horan said.