Teko said late Wednesday that an unidentified private investor has purchased an undisclosed interest in the sock maker amidst a management shake-up.
Teko Founder and CEO Jim Heiden has left the company, while Teko VP of Operations Owen Hammond has been named general manager in a move to ensure “a smooth ownership transition.”
The investment will be used to boost the brand's growing momentum in the specialist sports, outdoor, comfort footwear and natural products markets, according to a press release issued late Wednesday. Teko will use the investment to increase on-hand inventories, accelerate product development, and strengthen back-end systems for improved customer service and market penetration.
The essence of the teko brand remains the same; its main purpose is to provide the best technically performing socks with minimal impact on the planet. The new investor has expertise in the outdoor and footwear markets and a proven track record with small growing companies in niche markets; a synergistic match for teko's strong, eco-friendly brand.
With the investment, teko bids a very fond farewell to Jim Heiden, founder and former CEO. Owen Hammond has been promoted from VP of operations to general manager of teko. Owen's dedication to corporate sustainability and his involvement with the Outdoor Industry's Eco Working Group ensure a smooth ownership transition and teko's future brand integrity.
“This investment is a fantastic opportunity for teko to evolve to the next level and to provide our retailers and their customers with even better products and service,” said Owens. “Demand for teko socks is growing tremendously, reflecting the need for performance gear that's easy on the planet. I am ecstatic to be part of teko at this dynamic stage in the brand's evolution.
