Crocs management shakeup underway

NIWOT — Crocs Inc. (Nasdaq: CROX) has begun the promised shakeup of its management team, announcing Tuesday the hiring of former Reebok executive Bob Munroe as general manager of Crocs Americas region, replacing Greg Sullivan who will take on the newly created role of senior vice president of global transformation.

The Niwot-based maker of footwear also named Scott Yuan general manager of Greater China and Michelle Poole senior vice president of global product creation and merchandising.

“Consistent with our previously stated intent of upgrading the management team, these changes will help us bring together global merchandising, design, development and product management to work as one team, with focus and purpose,” Andrew Rees, Crocs’ president, said in a prepared statement.

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Crocs eliminated about 180 jobs and planned to close or restructure up to 100 company-owned stores after a sharp decline in second-quarter profits. The company reported second-quarter operating income of $41.9 million — down 17 percent from the same period in 2013. Net income to shareholders fell more steeply, dropping 45 percent to $19.5 million compared to the second quarter of 2013.

Rees said at the time that the earnings report showed “the need for dynamic change in our strategy, organization and approach to the market.”

Munroe will be responsible for managing Crocs’ regional wholesale, Internet and direct-to-consumer channels. Munroe spent 10 years with Reebok, most recently as president following the brand’s acquisition by Adidas.

Sullivan will help guide the company’s ongoing cultural, organizational and strategic transformation. Sullivan served as general manager of Crocs Americas region since joining the company in October 2013.

Yuan will be based in Shanghai and replaces Ted Lee, who will leave the company later this year.

Poole replaces Dale Bathum, chief product officer for Crocs since 2012, who is leaving the company in November.

Crocs’ stock was trading at $12.42 per share Tuesday. Its 52-week range is $11.52 to $16.88.

Crocs will host a conference call at 3 p.m. Monday, Oct. 27, to discuss the results of its third-quarter that ended Sept. 30.

The call participation number is 888- 771-4371. A replay of the conference call will be available two hours after the completion of the call at (888) 843-7419. International participants can dial 847-585-4405 to take part in the conference call and can access a replay of the call at 630-652-3042. All  calls will require the input of the conference identification number 38339914. The call also will be streamed on the Crocs website, www.crocs.com. An audio recording of the conference call will be available at www.crocs.com through Nov. 10.