Ron Snyder, the former president and CEO of Crocs, Inc., has resigned his position on the companys board of directors, effective June 30, 2009. Snyder “retired” from his role as President and CEO in March of this year but remained on the board.
Snyder had been CEO since 2005 and managed the company through its meteoric rise, a successful IPO, and its ultimate fall. He was replaced by John Duerden, the former Reebok president.
In a filing with the U.S. Securities and Exchange Commission, Crox said Snyder left the board for personal reasons and not because of any disagreement with the company.
The separation agreement between the company and Snyder filed with the SEC allows for accelerated vesting of options, restricted stock awards and deferred bonuses. Snyder is prevented from competing against Crocs or from soliciting Crocs employees or customers through Dec. 31, 2010.
The agreement also stipulates that neither party may disparage the other.
