Caleres Announces Timeline for Planned Executive Succession
July 25 2022 - 4:10PM
Business Wire
Jay Schmidt to Become Chief Executive
Officer
Diane Sullivan to Become Executive Chairman
Caleres (NYSE: CAL), a diverse portfolio of consumer-driven
footwear brands, today announced that Diane Sullivan, who has
served as chief executive officer for more than a decade, will
retire as chief executive officer of Caleres on January 15, 2023,
and will assume the role of executive chairman. At that time, Jay
Schmidt, president of Caleres, will succeed Sullivan as chief
executive officer. Today’s announcement represents the culmination
of a long-scheduled and carefully planned succession process led
and executed by the company’s Board of Directors.
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Jay Schmidt and Diane Sullivan. Jay
Schmidt to Become Chief Executive Officer of Caleres and Diane
Sullivan to Become Executive Chairman (Photo: Business Wire)
“Diane transformed Caleres from a company that sells shoes to
one that builds brands and connects with consumers while at the
same time markedly changing the financial performance of the
company,” said Ward Klein, lead independent director of Caleres.
“She skillfully evolved the company’s portfolio – leading the
acquisition and incubation of numerous brands including Sam
Edelman, Allen Edmonds and Vionic, all three of which are now lead
assets for the company. Notably, the company’s earnings per share
climbed steadily increasing six-fold over Diane’s tenure as CEO.
The board is delighted that she has agreed to accept the new
executive chair role, where she can continue to use her strategic
abilities and vast industry knowledge to help lead the company
forward. On behalf of the entire board, we thank Diane for her
leadership and congratulate Jay on his new position. We look
forward to working with both on a seamless transition.”
As Executive Chairman, Sullivan will continue to lead the
Caleres Board of Directors as well as partner with Schmidt and the
rest of the Caleres leadership team on key strategic
initiatives.
“It has been an honor to serve as Caleres’ chief executive
officer over the course of the past 11 years,” said Sullivan.
“While I am ready to hand over the reigns as CEO, I am thrilled
about the opportunity to continue to work with the board and the
Caleres leadership team in this new capacity. I am highly confident
that Jay is the ideal person to succeed me as CEO. He is a
consummate merchant and has been instrumental in the evolution and
success of the company’s portfolio of brands. He has built an
impressive track record of operational and financial
accomplishments during his tenure. His deep understanding of our
industry, tremendous knowledge of our company and his ability to
translate ambition into action will be invaluable in accelerating
improving results. I know Jay will lead Caleres to even greater
success in the years ahead.”
“I am humbled and excited for the opportunity to lead Caleres
and build on the strong foundation that Diane has established,”
said Schmidt. “I feel fortunate to have had the privilege to
collaborate with Diane as we charted a strategic course for ongoing
success. I look forward to working with the entire Caleres team as
we leverage our powerful portfolio of brands and our deep knowledge
of the consumer to drive further progress across our key strategic
initiatives and deliver exceptional value for all our
stakeholders.”
Schmidt was named president in December 2020 and assumed
responsibility for consumer and brand strategy for the entire
Caleres portfolio, which includes Famous Footwear, Allen Edmonds,
Naturalizer, Sam Edelman and Vionic, among others. Prior to that,
Schmidt held the position of division president, Caleres Brand
Portfolio, where he added to his already-strong portfolio
knowledge. Before joining the company in 2009, Schmidt spent more
than 25 years developing his extensive merchandising, portfolio
management and brand marketing experience. He spent ten years with
Nine West Group in several capacities and held positions of
increasing responsibility with Lord & Taylor, May Merchandising
Corporation and Macy’s. He holds a bachelor’s degree in commerce
and marketing from the University of Virginia.
Sullivan joined Caleres as president in 2004 and took on the
additional responsibilities of chief operating officer in 2006.
Elected to the Board of Directors in 2007, she was then named
president and CEO in 2011. She became CEO, president, and chairman
of the board in 2014. During her tenure, Sullivan built and
fostered a consumer-focused approach that led to an expansion in
customer acquisition and market share growth in key consumer
segments; orchestrated the transformation of the Caleres portfolio
into the highly-successful collection of brands it is today;
spearheaded strategic investments to enhance the organization’s
digital and supply-chain related capabilities; and led with a
people-first management style that transformed the Caleres culture
into the engine of the company’s long-term success. Through these
efforts, Sullivan has significantly strengthened the organization’s
overall earnings capabilities and potential for future value
creation.
“Diane’s extraordinary vision for our company and unwavering
belief in the power of our people and brands led to the
transformation of the earnings power of the organization,” added
Schmidt. “She has held the consumer and our Associates at the heart
of every decision, and her bold and caring leadership guided us
through the pandemic in the most inspiring way. The Caleres team is
the best in the business, and we look forward to continuing our
momentum.”
About Caleres
Caleres is a diverse portfolio of global footwear brands. Our
products are available virtually everywhere - in the nearly 1,000
retail stores we operate, in hundreds of major department and
specialty stores, on our branded e-commerce sites, and on many
additional third-party retail websites. Famous Footwear offers
great casual and athletic brands for the entire family with
convenient, curated, affordable collections. Sam Edelman keeps
expressive women in step with the latest trends in a playful,
whimsical way. Naturalizer shoes are beautiful from the inside out,
with elegant simplicity and legendary fit re-imagined for today’s
consumer. Allen Edmonds combines old world craft with new world
technology to create luxe footwear for the discerning man who wants
sophisticated, modern classics. Rounding out our family of brands
are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride,
Blowfish Malibu, Bzees, Circus by Sam Edelman and Ryka. Combined,
these brands make Caleres a company with both a legacy and a
mission. Our legacy is our more than 140 years of artisanship and
our passion for fit, while our mission is to continue to inspire
people to feel great… feet first. Visit caleres.com to learn
more.
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version on businesswire.com: https://www.businesswire.com/news/home/20220725005796/en/
Investor Contact: Logan Bonacorsi
lbonacorsi@caleres.com
Media Contact: Kelly Malone kmalone@caleres.com
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