Crocs Appointed Gregg Ribatt As Chief Executive Of The Group.
Cave shoe manufacturer Crocs Inc. (NASDAQ:CROX) Carlo announced the appointment of Gregg Ribatt as chief executive on Monday.
Gregg Ribatt, 46, has over 20 years. Footwear and clothing consumer goods Industry experience, as Spanx Inc., a sculpting underwear manufacturer. Footwear retailers Collective Brands Inc. (Sperry, Keds and other brand parent company) and high-end shoe shoe brand Stuart Weitzman Holdings LLC CEO. He is also a senior consultant of Blackstone Group LP (NYSE:BX) Blackstone Group, and was joined by the Blackstone Group LP NYSE:BX (NYSE:BX) in January this year.
Crocs Inc. (NASDAQ:CROX) Carol Chi, the former CEO of John McCarvel, announced her resignation at the end of 2013, and was formally appointed by the chairman of the board of directors, Thomas Smach, as temporary CEO in April 30, 2014. In May of this year, Andrew Rees was appointed as the president of the group and replaced Thomas Smach as temporary CEO.
The Gregg Ribatt will take office at the end of January 2015 with a basic annual salary of $950 thousand. In a statement on Monday, Thomas Smach welcomed Gregg Ribatt, becoming chief executive, and pointed out that under its leadership, the group will accelerate restructuring and transformation.
In the three quarter ended September 30th, the group achieved a net profit of US $15 million 800 thousand, an increase of 21.5% over the same period last year, ending 5 consecutive quarters of decline. Diluted earnings of $0.12 per share, excluding restructuring expenses and non recurrent expenditure, were $0.30, far exceeding the market forecast of $0.14. Revenue grew 4.8% to $302 million over the previous year, higher than the market forecast of $298 million, but China and Asian businesses continued to slack. Gross profit margin contracted by 190 basis points to 51.3% over the same period last year.
Crocs Inc. (NASDAQ:CROX) closed at $12.16 on Monday, a slight increase of 0.25% throughout the day. The stock has fallen by more than 23% in 2014.
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