Michael Crooke and prana parted ways as CEO of prAna Living, LLC. Co-founder Beaver Theodosakis will reassume 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 for publicly traded Liz Claiborne after two frustrating years.
“He did an amazing job with regard to building our organization and setting up the structure for future growth,” said Theodosakis in an interview. “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. Theodosakis, who founded the company 15 years ago, wants to eventually turn over day-to-day duties to focus on marketing, sustainability and brand building, but will work with the current team for now.
“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.
“Fall 2008 was a scare because all the sudden the bottom dropped out,” said Theodosakis. “Michael was on board and made a lot swift, hard decisions that not only helped us weather the storm but he also put the systems and infrastructure in place for future growth. So it has not only been about pulling in the belt but continuing to invest in the right things and building a strong machine. On the brand side, I think more and more people are resonating with prAna's message about social and environmental responsibility and living mindfully. So we feel we're in a good spot.”
Crooke’s outdoor pedigree includes serving as president and CEO of Patagonia Inc. from 1999 to 2005. The former Navy Seal was CEO and chairman at Pearl Izumi and a former managing director for Kelty Packs. He joined prAna after a nearly two-year stint as CEO for Revolution Living, a company founded by AOL founder Steve Case in 2005 to build businesses that harness the Internet to empower consumers.
