Skechers Senior Executive Team Expands to Drive Global Growth with Appointment of Former Financial Executive at Mattel & The ...
November 15 2017 - 9:15AM
Business Wire
Appointment of John Vandemore as Chief
Financial Officer Allows David Weinberg to Continue Focusing on
Global Growth as Chief Operating Officer
SKECHERS USA, Inc. (NYSE:SKX) announced today that the Company
has hired John Vandemore to serve as Chief Financial Officer. This
expansion of the Skechers executive team will allow David
Weinberg—who had been filling both CFO and COO roles—to focus more
attention on the Company’s operations in support of its continued
growth around the globe. Mr. Vandemore will report directly to Mr.
Weinberg and assume his new position within the next few weeks.
“With the pace of international growth we’ve been experiencing
at Skechers, the addition of John (Vandemore) means I can truly
focus more attention on the rapidly growing segments of our
international countries, as well as those that we see having strong
potential,” began Mr. Weinberg, Chief Operating Officer of
Skechers. “Our success brings with it the challenge of increased
pressure on reporting and John’s experience, most notably at The
Walt Disney Company and Mattel, is proof that he’ll be an essential
asset to me and the senior team moving forward. Further, I believe
John will be key in ensuring that our financial strategy supports
growth efficiency in tune with meeting our ongoing filing
obligations.”
“I started Skechers 25 years ago, and for that entire journey
David Weinberg has been key in making this company the incredible
success that it is today,” began Robert Greenberg, Chief Executive
Officer of Skechers. “As international now represents more than 50
percent of our total business, we must continue to ramp up
operations and infrastructure to meet the demand. David understands
how to do it the right way at the right speed to maintain our
forward momentum. With John (Vandemore) handling CFO
responsibilities, David will now have the bandwidth to travel and
find opportunities to maximize our efficiencies around the globe.
We’re fortunate to have both of these talented executives on our
team, and believe this bolstering of our executive team will allow
us to continue to profitably grow.”
In his ongoing role as Chief Operating Officer, Mr. Weinberg
will continue to be responsible for the day-to-day operations of
the Company—including planning and directing all aspects of the
Company’s operational policies, objectives and initiatives, and the
attainment of short- and long-term financial and operational goals
to ensure future growth. He will devote particular attention to
increasing efficiencies in the international business as it
continues to be the main driver of overall growth. Mr. Weinberg has
been with Skechers since it was founded in 1992, and was named
Chief Financial Officer in 1993 and Chief Operating Officer in
2006. Since 1998, he has also served as Executive Vice President
and a member of the Company’s Board of Directors.
As the CFO of Skechers, Mr. Vandemore will be responsible for
overseeing the Company’s reporting and filing obligations before
the United States Securities and Exchange Commission, and for
directing the Company’s overall financial policies, including
accounting, budget, credit, insurance, tax, and treasury. With more
than two decades of business finance experience, Mr. Vandemore has
served as Executive Vice President and Division Chief Financial
Officer of Mattel Inc. (NASDAQ: MAT). Prior to that he was the
Chief Financial Officer and Treasurer of International Game
Technology Plc (NYCE: IGT)—a computerized gaming machine
manufacturer. And he spent 12 years in operations and finance roles
at The Walt Disney Company (NYSE: DIS) including five years as Vice
President and Chief Financial Officer of Walt Disney
Imagineering.
About SKECHERS USA.,
Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California,
designs, develops and markets a diverse range of lifestyle footwear
for men, women and children, as well as performance footwear for
men and women. SKECHERS footwear is available in the United States
and over 160 countries and territories worldwide via department and
specialty stores, 2,438 SKECHERS Company-owned and
third-party-owned retail stores, and the Company’s e-commerce
websites. The Company manages its international business through a
network of global distributors, joint venture partners in Asia and
the Middle East, and wholly-owned subsidiaries in Canada, Japan,
throughout Europe and Latin America. For more information, please
visit skechers.com and follow us on Facebook(facebook.com/SKECHERS)
and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, Skechers’ future domestic
and international growth, financial results and operations
including expected net sales and earnings, its development of new
products, future demand for its products, its planned domestic and
international expansion, opening of new stores and additional
expenditures, and advertising and marketing initiatives.
Forward-looking statements can be identified by the use of
forward-looking language such as “believe,” “anticipate,” “expect,”
“estimate,” “intend,” “plan,” “project,” “will be,” “will
continue,” “will result,” “could,” “may,” “might,” or any
variations of such words with similar meanings. Any such statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute
to such differences include international economic, political and
market conditions including the uncertainty of sustained recovery
in Europe; sustaining, managing and forecasting costs and proper
inventory levels; losing any significant customers; decreased
demand by industry retailers and cancellation of order commitments
due to the lack of popularity of particular designs and/or
categories of products; maintaining brand image and intense
competition among sellers of footwear for consumers, especially in
the highly competitive performance footwear market; anticipating,
identifying, interpreting or forecasting changes in fashion trends,
consumer demand for the products and the various market factors
described above; sales levels during the spring, back-to-school and
holiday selling seasons; and other factors referenced or
incorporated by reference in Skechers’ annual report on Form 10-K
for the year ended December 31, 2016 and its quarterly report on
Form 10-Q for the three months ended September 30, 2017. The risks
included here are not exhaustive. Skechers operates in a very
competitive and rapidly changing environment. New risks emerge from
time to time and the companies cannot predict all such risk
factors, nor can the companies assess the impact of all such risk
factors on their respective businesses or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. Given these risks and uncertainties, you should not
place undue reliance on forward-looking statements as a prediction
of actual results. Moreover, reported results should not be
considered an indication of future performance.
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version on businesswire.com: http://www.businesswire.com/news/home/20171115005737/en/
SkechersJennifer Clay, 310-937-1326Jennc@skechers.com
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