Michael Crooke has stepped down as CEO of prAna Living, LLC. Co-founder Beaver Theodosakis will re-assume the position of CEO but expects to announce a search for a new CEO sometime in 2010. Scott Kerslake, the founder of Athleta who was brought in by Crooke, will become president of prAna and divide company responsibilities with Theodosakis.
Crooke's hiring in December 2008 came about ten months after Theodosakis and his wife and co-owner Pam bought prAna back from Liz Claiborne after two years under that umbrella.
“He did an amazing job with regard to building our organization and setting up the structure for future growth,” said Theodosakis in an interview with Sports Executive Weekly. “In his 11 months here, we made our projections each month — even in the downturn we were profitable. And with the people and processes he put in place, we've never been in better position structurally as a company.”
Theodosakis said that the company is moving onto the next phase focusing on the revitalization of the brand and is looking for different leadership skills. “We're looking to freshen up the brand and reach out to a wider audience and we felt it was going to require a different leadership style,” said Theodosakis.
But any new CEO won't arrive until sometime in 2010.
“There's no rush,” said Theodosakis. “The new team is in place and we're all getting to know each other — really beginning to hit our stride together. By mid-2010, we'll know what kind of skillset is required in this new person and begin the search.”
Theodosakis said the company will likely wind up with flat sales this year amid the downturn but will be “a lot more profitable” as a result of the efforts by Crooke.
