Crocs, Inc. promoted John McCarvel to president and chief executive officer effective March 1, 2010. He succeeds John Duerden, who is retiring from the company and resigning as president and CEO and also from his position on the company’s board.
Duerden will assist with McCarvel’s transition as needed.
McCarvel has spent the last six years in various executive management positions at Crocs, serving as chief operating officer and executive vice president since 2007. Previously, McCarvel was senior vice president for global operations from October 2005 to February 2007, and as vice president for Asia from January 2005 to September 2005, after providing consulting services to Crocs during 2004.
“In 2009, we made significant progress in strengthening both our financial position and our market position,” said Richard Sharp, Crocs chairman of the board. “John Duerden has led this remarkable turnaround. With his leadership, we have taken steps to strengthen our product line, re-engage the consumer and reposition our iconic global brand. We also have improved our capital structure and liquidity significantly, repaid all of our debt and entered into a three-year asset-backed securitization agreement. On behalf of our board, I want to thank John for his leadership and contributions during the past year.”
“As we work to build on these achievements, we need to begin planning and managing the next phase of the company’s turnaround,” Sharp said. “John McCarvel is well-positioned to lead this next phase because he has played a key leadership role in developing and implementing the company’s strategic and operational plans. His management experience at several global companies and his in-depth knowledge of Crocs will serve us well as we move forward.”
During his tenure at Crocs, McCarvel spearheaded the successful expansion of Crocsdirect channel business through retail stores and the Internet, while also working to stabilize the company’s wholesale channel. He led the effort to align the company’s cost base with the size of the business, including consolidation of the company’s global warehouse capacity, significant reduction in inventory levels and rationalization of sponsorship programs. He also was responsible for investments in customer systems to enhance global order entry and the company’s retail and Internet businesses.
“I would like to congratulate John McCarvel on his promotion to chief executive officer,” Duerden said. “He brings a long track record of success in managing Crocs global operations. His broad experience in all aspects of Crocs business makes him the right person to lead the company into the next stage of its development and to build on Crocs many strengths. I have enjoyed my time with the company and the opportunity to lead the restoration of a great brand.”
“Weve spent the last 18 months stabilizing the company while reinvigorating our product line and brand, and realigning our cost structure,” McCarvel said. “I look forward to guiding the company back to profitable growth, with the help of our talented management team and employees around the world and the support of our board.”
