Brendan Hoffman to succeed Blake Krueger as
CEO at year end;
Krueger to become Executive Chairman
Wolverine World Wide, Inc. (NYSE:WWW), which operates one of the
world’s largest portfolios of footwear and lifestyle brands, today
announced that Brendan Hoffman, President and a member of
the Company’s Board of Directors, will also become Chief Executive
Officer at the end of the year. Hoffman will succeed Blake
Krueger, who began his career with the Company in 1993 and has
been CEO since 2007 and Chairman of the Board since 2009. As part
of the transition, Krueger will assume the newly created role of
Executive Chairman of Wolverine Worldwide.
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Hoffman, 52, joined Wolverine Worldwide as President in
September 2020 with oversight of the Company’s brands and direct to
consumer business, reporting directly to Krueger. Hoffman’s initial
focus has been pursuing growth initiatives across Wolverine
Worldwide’s brands and digital operations, with one of his primary
objectives being to drive the Company’s bold eCommerce revenue goal
of $500 million for 2021, doubling 2019 levels. Over the past nine
months, Krueger and Hoffman have worked together closely to
leverage the global power of the Wolverine Worldwide brand
portfolio, navigate the impacts of COVID-19, and strategically
position the Company and its brands for accelerated post-pandemic
growth and continued long-term success.
“I would like to thank Blake and the Board for their support and
the opportunity to lead Wolverine Worldwide into its next phase of
global growth,” said Hoffman. “It’s been a privilege to work
closely with Blake over the past year and I have gained tremendous
knowledge of the industry and the unique strengths of the Company’s
global brand portfolio. Blake has truly transformed the Company
during his tenure, and it is an honor to be entrusted with building
on this incredible foundation, working with an industry-leading
team, and capitalizing on the many opportunities ahead for
Wolverine Worldwide. I look forward to continuing our partnership
as we step into our new roles.”
Before joining Wolverine Worldwide, Hoffman was CEO of Vince
Holding Corp., a publicly traded, global contemporary fashion
brand. While at Vince, he significantly increased the growth and
penetration of the company’s eCommerce and digital platforms,
adapted Vince’s vertical supply chain to embrace “buy now/wear now”
trends, and extended the brand into new consumer categories. Prior
to joining Vince in 2015, Hoffman was CEO and President of The
Bon-Ton Stores, Inc. and President and CEO of Lord & Taylor
LLC. In addition, he was CEO and President of Neiman Marcus Direct
earlier in his career, helping to grow Neimanmarcus.com and launch
Bergdorfgoodman.com.
Under Krueger’s leadership as CEO, Wolverine Worldwide has
transformed from a traditional footwear wholesaler into a
consumer-obsessed, digital-focused growth company with one of the
world’s largest portfolios of footwear and lifestyle brands. He led
the Company’s game-changing acquisitions of the Merrell, Saucony,
Sperry, Stride Rite, Keds, and Chaco brands, opening up new market
segments and consumer territories. During his tenure the Company
expanded its international distribution to more than 170 countries
and territories, increased revenue to well over $2 billion and
market capitalization by 30-fold, and grew the brand portfolio into
a global industry-leading powerhouse.
As Executive Chairman, Krueger, 67, will continue to lead
Wolverine Worldwide’s Board of Directors and will partner with
Hoffman on key international and strategic initiatives.
“Blake has been a leader in the footwear industry for almost
three decades, and it’s been an honor to work closely with him and
the Wolverine Worldwide team during his tenure,” said David T.
Kollat, Lead Independent Director for Wolverine Worldwide since
2007 and a Director since 1992. “On behalf of the Board, I want to
thank Blake for his passion, dedication, and exceptional leadership
as CEO of Wolverine Worldwide. We will continue to benefit from his
expertise and experience in his new role as Executive Chairman, and
we are grateful for his work in preparing for a smooth CEO
transition.” Kollat continued, “In his time with the Company,
Brendan has proven to be an impactful leader with a strong
understanding of our most significant opportunities in the global
marketplace, and we believe the Company is well-positioned for
continued success under his leadership.”
Krueger noted: “It has been an honor and privilege to serve
Wolverine Worldwide for the past 28 years, working with and helping
to build an amazing and impactful global team, brand portfolio, and
footwear and lifestyle mainstay. I look forward to continuing my
work with Wolverine Worldwide and the Board in my new role as
Executive Chairman. I am confident that the Company is in great
hands and will have continued growth as Brendan takes over as the
new CEO.”
ABOUT WOLVERINE WORLDWIDE
Founded in 1883 on the belief in the possibility of opportunity,
Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading
marketers and licensors of branded casual, active lifestyle, work,
outdoor sport, athletic, children's and uniform footwear and
apparel. Through a diverse portfolio of highly recognized brands,
our products are designed to empower, engage and inspire our
consumers every step of the way. The company’s portfolio includes
Merrell®, Saucony®, Sperry®, Hush Puppies®, Wolverine®, Keds®,
Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is
also the global footwear licensee of the popular brands Cat® and
Harley-Davidson®. Based in Rockford, Michigan, for more than 130
years, the company's products are carried by leading retailers in
the U.S. and globally in approximately 170 countries and
territories. For additional information, please visit our website,
www.wolverineworldwide.com or visit us on Facebook, LinkedIn, and
Instagram.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding the Company’s succession plans for
its Chief Executive Officer and Messrs. Krueger’s and Hoffman’s
future roles with the Company, the Company’s expectations regarding
future growth, including accelerated post-pandemic growth and
continued long-term success, and the Company’s 2021 eCommerce
revenue goal. In addition, words such as “estimates,”
“anticipates,” “believes,” “forecasts,” “step,” “plans,”
“predicts,” “focused,” “projects,” “outlook,” “is likely,”
“expects,” “intends,” “should,” “will,” “confident,” variations of
such words, and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties, and
assumptions (“Risk Factors”) that are difficult to predict with
regard to timing, extent, likelihood, and degree of occurrence.
Risk Factors include, among others: the effects of the COVID-19
pandemic on the Company’s business, operations, financial results
and liquidity, including the duration and magnitude of such
effects, which will depend on numerous evolving factors that the
Company cannot currently accurately predict or assess, including:
the duration and scope of the pandemic; the negative impact on
global and regional markets, economies and economic activity,
including the duration and magnitude of its impact on unemployment
rates, consumer discretionary spending and levels of consumer
confidence; actions governments, businesses and individuals take in
response to the pandemic; the effects of the pandemic, including
all of the foregoing, on the Company’s distributors, manufacturers,
suppliers, joint venture partners, wholesale customers and other
counterparties, and how quickly economies and demand for the
Company’s products recover after the pandemic subsides; changes in
general economic conditions, employment rates, business conditions,
interest rates, tax policies and other factors affecting consumer
spending in the markets and regions in which the Company’s products
are sold; the inability for any reason to effectively compete in
global footwear, apparel and consumer-direct markets; the inability
to maintain positive brand images and anticipate, understand and
respond to changing footwear and apparel trends and consumer
preferences; the inability to effectively manage inventory levels;
increases or changes in duties, tariffs, quotas or applicable
assessments in countries of import and export; foreign currency
exchange rate fluctuations; currency restrictions; supply chain or
other capacity constraints, production disruptions, quality issues,
price increases or other risks associated with foreign sourcing;
the cost and availability of raw materials, inventories, services
and labor for contract manufacturers; labor disruptions; changes in
relationships with, including the loss of, significant wholesale
customers; risks related to the significant investment in, and
performance of, the Company’s consumer-direct operations; risks
related to expansion into new markets and complementary product
categories; the impact of seasonality and unpredictable weather
conditions; changes in general economic conditions and/or the
credit markets on the Company’s distributors, suppliers and
retailers; increases in the Company’s effective tax rates; failure
of licensees or distributors to meet planned annual sales goals or
to make timely payments to the Company; the risks of doing business
in developing countries, and politically or economically volatile
areas; the ability to secure and protect owned intellectual
property or use licensed intellectual property; the impact of
regulation, regulatory and legal proceedings and legal compliance
risks, including compliance with federal, state and local laws and
regulations relating to the protection of the environment,
environmental remediation and other related costs, and litigation
or other legal proceedings relating to the protection of the
environment or environmental effects on human health; the potential
breach of the Company’s databases or other systems, or those of its
vendors, which contain certain personal information, payment card
data or proprietary information, due to cyberattack or other
similar events; problems affecting the Company’s supply chain or
distribution system, including service interruptions at shipping
and receiving ports; strategic actions, including new initiatives
and ventures, acquisitions and dispositions, and the Company’s
success in integrating acquired businesses, and implementing new
initiatives and ventures; the risk of impairment to goodwill and
other intangibles; changes in future pension funding requirements
and pension expenses; and additional factors discussed in the
Company’s reports filed with the Securities and Exchange Commission
and exhibits thereto. The foregoing Risk Factors, as well as other
existing Risk Factors and new Risk Factors that emerge from time to
time, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these or other
risks and uncertainties, investors should not place undue reliance
on forward-looking statements as a prediction of actual results.
Furthermore, the Company undertakes no obligation to update, amend,
or clarify forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210623005314/en/
Jacqueline Boselli Jacqueline@Lividini.com
Wolverine World Wide (NYSE:WWW)
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