Since (IIUC from Wikipedia) REI is a member-owned co-op that elects the board of directors, does this decision to do layoffs reflect the interests of the members?
Emphasis mine. Sounds like OfSanguineFire's comment is right. The Governance committee decides how the company is run and members don't have a choice of candidates besides rejecting them.
From Wikpedia: https://en.wikipedia.org/wiki/REI
> While the board serves at the members' pleasure, there is no path to board membership without the approval of the Board Nomination and Governance Committee.[30] For 2014, its chief executive officer received compensation of approximately $2.71 million per year.[31][32]
And if they are rejected, then the board appoints a temporary board member to fill the opening, with no membership input.