Blackstone appoints its representative who has solid track record in footwear industry as new CEO of CROCS
- Market capitalization: $997 million
- Crocs, Inc. (NASDAQ: CROX) provides innovative casual footwear for men, women and children.
- On December 12, 2014, Gregg Ribatt was appointed CEO of Crocs, Inc. effective January 28, 2015.
- SIGNIFICANT SITUATION AT THE TIME OF APPOINTMENT
Huge CEO turnover: Mr. Hammack is the fourth CEO in the last three years.
- TRACK RECORD OF NEW CEO
Representative of Blackstone Group
Blackstone Group holds 100% convertible preferred stock of Crocs, Inc. and has two
representatives on the Board. Mr. Ribatt, a Blackstone representative, serves as a member of the Board since January 2014. Mr. Ribatt is a Senior Advisor to Blackstone, focusing on the footwear, apparel and accessories industries. On December 2014, Mr. Ribatt was appointed CEO of Crocs, Inc.
Sale of ‘Performance & Lifestyle Group’ of Collective Brands under his watch
‘Performance & Lifestyle Group’ (PLG) segment of Collective Brands contributed 25% of total revenue. Mr. Ribatt served as President and CEO of ‘Performance & Lifestyle Group’ (PLG) from January 2008 to January 2013.
- Strong operational performance: During his tenure, the segment’s revenue increased organically from $806 million in FY ‘09 to $1.01 billion in FY ‘12. Operating profit increased from $(92.4) million in FY ‘09 to $36.6 million in FY‘12.
- Sale of segment: PLG was acquired by Wolverine Worldwide in October 2012 for $1.24 billion.
Mr. Ribatt is a fourth-generation footwear industry expert
Mr. Ribatt’s father, grandfather and mother’s grandfather were into the footwear business.
- BIO OF NEW CEO
Mr. Ribatt currently serves as the interim Chief Executive Officer of Spanx, Inc. beginning February 2014. From January 2008 to January 2013, Mr. Ribatt was President and Chief Executive Officer of the Performance + Lifestyle Group (formerly The Stride Rite Corporation) of Collective Brands, Inc., a branded lifestyle footwear company. The Performance + Lifestyle Group included the Sperry Top-Sider, Saucony, Keds and Stride Rite brands. The Performance & Lifestyle Group was acquired by Wolverine Worldwide in October 2012. Before joining Collective Brands, Mr. Ribatt served as President and Chief Executive Officer of Stuart Weitzman Holdings, LLC. Mr. Ribatt’s prior experience also includes thirteen years with Bennett Footwear Group, where he was Executive Vice President & Chief Operating Officer. Bennett was a women’s fashion footwear company, which included the Franco Sarto, Via Spiga, and Etienne Aigner brands. Mr. Ribatt holds a Bachelor of Arts degree from Wesleyan University and a Master in Business Administration from The University of Chicago. Mr. Ribatt’s extensive experience in senior management roles at large branded footwear companies provides the board and the management with invaluable insights into the global footwear industry. In addition, Mr. Ribatt brings leadership experience and vast knowledge in international footwear brands and consumer retail operations.