American footwear brand Crocs has announced the appointment of a new CEO and the closing of around 160 stores by 2018. CEO Gregg Ribatt will step down on June 1, 2017. Ribatt had more than 20 years of executive leadership and outstanding performance in consumer branded wholesale and retail organizations in footwear and apparel.
President and Principal Executive Officer of Crocs, Andrew Rees will take over the post. Rees, who joined Crocs in June 2014, is currently overseeing the brand’s global strategy and operations. He has more than 25 years of experience in the footwear and retail industry.
Rees previously led Boston-based L.E.K. Consulting’s retail and consumer products practice and served as vice president of strategic planning and retail operations for Reebok International. Ribatt will remain on Croc’s board of directors.
“I’m very pleased with the operational progress made in 2016 as we continued to improve our product, systems, processes and team,” Ribatt said in a statement. “Given this progress, I am pleased to announce that the Board and I have determined that we are now in a position to consolidate the President and CEO roles.”
Ribatt also revealed a reshuffle of senior management and the “expanding (of) responsibilities for certain executive team members to better utilise their talents and leadership expertise.”
Apart from this, the brand has announced that it will be closing 160 stores globally after fourth-quarter revenues decreased 10.5 per cent to $187.4 million – a loss of $44.5 million.
For the full-year ending December 31, total sales fell to $1.04 billion, a 4.7 per cent decrease on 2015. As a result, Crocs booked a yearly net loss of $31.7 million, a narrowing on last year’s $98 million loss.