SIDNEY, Neb.--(BUSINESS WIRE)-- Cabela's Incorporated (CAB) announced today that as part of a planned succession strategy, Sean Baker has been appointed President of Worlds Foremost Bank and will be appointed Chief Executive Officer effective January 1, 2013. Mr. Baker will replace Joseph M. Friebe, whose planned retirement was announced in June.

We are very pleased our leadership development efforts and internal succession planning process worked so well to provide us a leader of the caliber of Sean Baker, said Tommy Millner, Cabelas Chief Executive Officer. Throughout his long career at Cabelas, Sean has demonstrated strong leadership, excellent judgment, and a deep commitment to our Core Values and developed a financial background ideally suited to lead our Cabelas CLUB® Visa program. I have the utmost confidence in Seans leadership and look forward to even stronger contributions from our Cabelas CLUB Visa program as we move forward.

Mr. Baker began his career with Cabelas as a Financial Analyst in 1997. In 2003, he was promoted to Director of Accounting and Finance/Controller. In 2007, Mr. Baker became Director of Finance and was promoted to Senior Director of Finance in May 2011. In December 2011, Mr. Baker was promoted to the position of Senior Vice President, Business Development of Worlds Foremost Bank. During his time with the financial services business, Mr. Baker has led strategic initiatives for the Cabelas CLUB Visa program to continue to build loyalty with Cabelas best customers. Prior to joining Cabelas, Mr. Baker was a certified public accountant with Grant Thornton.

About Cabela's Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter®. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela's stock is traded on the New York Stock Exchange under the symbol CAB.

Cabela's Incorporated
Investors:
Chris Gay, 308-255-2905
or
Media:
Joe Arterburn, 308-255-1204

Source: Cabela's Incorporated

Copyright Business Wire 2012