Veteran Footwear Executive John Duerden Named Chief Executive Officer of Crocs Inc.
February 25 2009 - 8:00AM
Business Wire
Crocs Inc. (NASDAQ: CROX) today announced that its board of
directors has appointed John Duerden to serve as the company�s
president and chief executive officer effective March 16, 2009. He
succeeds Ron Snyder, who is retiring and resigning as president and
CEO but will continue as a member of the company�s board of
directors. Mr. Snyder has also agreed to assist with Mr. Duerden�s
transition for the next two to four months, or longer if
needed.
Duerden has more than 20 years of senior level management
experience across a variety of industries, including 13 years as
president or CEO. From 1990 to 1995, Duerden served as president
and chief operating officer of Reebok International. During this
time, the company�s worldwide sales tripled to $3 billion and
Reebok became established as a pre-eminent international sports
brand. Prior to that, he spent eighteen months as managing director
of Reebok�s international operations, where he initiated and
oversaw that division�s significant expansion.
�We are very pleased to have someone of John�s ability lead our
senior management team,� said Richard Sharp, Crocs chairman of the
board. �His wealth of experience leading several global companies
will be integral to our company�s continued evolution.�
�I would like to welcome John to the Crocs management team. John
brings a long track record of success in growing companies and
brands in a number of different regions. His broad experience is a
perfect fit for our global footprint,� Snyder said. �I look forward
to working closely with him during this transition period and in my
continuing role as a member of the board.�
Duerden began his career with Xerox Corp. and its UK joint
venture, Rank Xerox, where he held line and staff management
positions in Europe, the U.S., Latin America and the Asia-Pacific
region. He later served as chairman and CEO of Dictaphone Corp., a
maker of voice management hardware and software and subsequently as
chief operating officer of the development division of Invensys
plc, a British engineering conglomerate. He served as a
non-executive director of Telewest plc, a British cable, TV,
telephony and broadband company; and of Sunglass Hut International.
He comes to Crocs from the Chrysallis Group, a consulting group he
formed in 2006, focused on the development and renewal of
brands.
�Crocs has experienced phenomenal growth�, Duerden said. �The
combination of new technology, innovative manufacturing techniques
and compelling designs has created an original and iconic brand. I
am excited by the opportunity to lead this talented global team
into the next stage of the company�s development and to build on
the company�s many strengths�
�I want to thank Ron for his strategic leadership during the
past several years,� Sharp said. �Under his direction, Crocs
completed the most successful initial public offering ever for a
footwear company, established a global footprint in more than 100
countries, won numerous industry awards, and repositioned itself to
perform in this challenging global retail environment.�
About Crocs, Inc.
Crocs, Inc. is a designer, manufacturer and retailer of footwear
for men, women and children under the Crocs� brand.
All Crocs� brand shoes feature Crocs� proprietary closed-cell
resin, Croslite�, which represents a substantial innovation in
footwear. The Croslite� material enables Crocs to produce soft,
comfortable, lightweight, superior-gripping, non-marking and
odor-resistant shoes. These unique elements make Crocs� footwear
ideal for casual wear, as well as for professional and recreational
uses such as boating, hiking, hospitality and gardening. The
versatile use of the material has enabled Crocs to successfully
market its products to a broad range of consumers.
Crocs� shoes are sold in 100 countries and come in a wide array
of colors and styles. Please visit www.crocs.com for additional
information.
Forward-looking statements
The matters regarding the future discussed in this news release
include �forward-looking statements� within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from any future results, performances, or
achievements expressed or implied by the forward-looking
statements. These risks and uncertainties include, but are not
limited to, the following: macroeconomic issues, including, but not
limited to, the current global financial crisis; our ability to
obtain adequate financing; our significant recent expansion; our
ability to manage our future growth effectively; changing fashion
trends; our defense and the ultimate outcome of a pending class
action lawsuit; our ability to accurately anticipate and respond to
seasonal or quarterly fluctuations in our operating results; our
management and information systems infrastructure; our ability to
obtain and protect intellectual property rights; our reliance on
third party manufacturing and logistics providers for the
production and distribution of products; our limited manufacturing
capacity and distribution channels; our reliance on a single source
supply for certain raw materials; inherent risks associated with
the manufacture, distribution and sale of our products overseas;
our reliance on market acceptance of the small number of products
we sell; our ability to develop and sell new products; our limited
operating history; our ability to accurately forecast consumer
demand for our products; our ability to maintain effective internal
controls; our ability to attract, assimilate and retain management
talent; retail environment; our ability to effectively market and
maintain a positive brand image; the effect of competition in our
industry; the effect of potential adverse currency exchange rate
fluctuations; and other factors described in our annual report on
Form 10-K under the heading �Risk Factors� and our subsequent
filings with the Securities and Exchange Commission. Readers are
encouraged to review that section and all other disclosures
appearing in our filings with the Securities and Exchange
Commission. We do not undertake any obligation to update publicly
any forward-looking statements, including, without limitation, any
estimate regarding revenues or earnings, whether as a result of the
receipt of new information, future events, or otherwise.
Crocs (NASDAQ:CROX)
Historical Stock Chart
From May 2024 to Jun 2024
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Jun 2023 to Jun 2024