Current CFO Mike Stornant to Retire
Following Transition
Wolverine World Wide, Inc. (NYSE: WWW) today announced that it
has appointed Taryn Miller as the Company’s Chief Financial
Officer, effective May 9, 2024. Ms. Miller will report to Chris
Hufnagel, the Company’s President and Chief Executive Officer and
succeed Michael D. Stornant, who will be retiring after nearly 30
years with the Company. Mr. Stornant will continue to work for the
Company through early 2025, partnering closely with Ms. Miller to
ensure a seamless transition.
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Taryn Miller, Chief Financial Officer of
Wolverine Worldwide (Photo: Business Wire)
Ms. Miller brings more than 25 years of global business
experience, operational acumen, and proven leadership expertise in
corporate finance and investor relations. She most recently served
as Vice President of Corporate and Commercial Finance at Corteva
Agriscience, an international pure-play agriculture company, where
she led a wide variety of financial functions, including investor
relations, treasury, and commercial finance. Prior to that, she
served as the Chief Financial Officer of Global Business Units,
Enterprise FP&A, and Investor Relations at Kimberly-Clark
Corporation. Earlier in her career she held various financial
leadership roles at Kraft Heinz Company, including serving as Chief
Financial Officer and Vice President of Finance at Kraft Heinz
Canada Inc.
“The Board and I are delighted to welcome Taryn to our Executive
Team and confident that her deep financial experience and
knowledge, coupled with her results-driven leadership style will be
invaluable as we advance our ongoing strategic transformation,”
said Chris Hufnagel, President and CEO of Wolverine Worldwide.
“Taryn knows the consumer space well and has successfully led
large, global finance organizations through periods of
transformation and growth – serving the businesses as both a
financial and strategic thought leader.”
Ms. Miller said, “I’m both honored and excited to be the
Company’s Chief Financial Officer at such a critical chapter in its
141-year history. I look forward to working with our global teams
to drive the continued transformation and ensure the Company is
well-positioned to capitalize on its biggest opportunities ahead –
ultimately delivering consistent value and returns to our
shareholders.”
Mr. Hufnagel continued, “We’re incredibly grateful to Mike for
his contributions to Wolverine Worldwide over nearly three decades
of service across senior roles in finance, operations, and our
brands. He has been a great partner of mine for many years and
indispensable to me as CEO as we’ve worked together to stabilize
and reimagine the business for the future. We appreciate Mike’s
support and commitment to a seamless transition as he prepares for
a very well-deserved retirement.”
“It has been a great privilege to work alongside such a talented
team over nearly three decades at Wolverine and I am proud of all
that we have accomplished together,” said Mr. Stornant. “I am
excited to welcome Taryn and committed to working closely with her
and Chris during this important transition, and I look forward to
watching the Company’s continued success in the years to come.”
First Quarter 2024 Financial Results
In a separate press release issued today, Wolverine Worldwide
reported its financial results for the first quarter of 2024. The
Company will host an earnings conference call at 8:30 a.m. ET today
to discuss its results.
ABOUT WOLVERINE WORLDWIDE
Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of
the world’s leading designers, marketers, and licensors of branded
casual footwear and apparel, performance outdoor and athletic
footwear and apparel, kids’ footwear, industrial work boots and
apparel, and uniform footwear. The Company’s portfolio includes
Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®,
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 140
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.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding the Company’s ongoing strategic
transformation, the delivery of consistent value and returns to the
Company’s shareholders, and the CFO transition. 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 risk that the
Company will be able to successfully implement its growth and
profit improvement strategies; changes in general economic
conditions, employment rates, business conditions, interest rates,
tax policies, inflationary pressures 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; the
effects of the COVID-19 pandemic and other health crises and
containment efforts on the Company’s business, operations,
financial results and liquidity, including the duration and
magnitude of such effects; 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; effects of changes in general economic conditions
and/or the credit markets on the Company’s manufacturers,
distributors, suppliers and retailers; changes 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, including the sale of the Sperry brand, and the
Company’s success in integrating acquired businesses, and
implementing new initiatives and ventures; risks related to
stockholder activism, 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/20240508353474/en/
Dave Latchana, (616) 863-4226
Wolverine World Wide (NYSE:WWW)
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