Crocs on Thursday said Crocs brand president Michelle Poole will retire in early May and will be replaced by the company’s chief financial officer Anne Mehlman.
Crocs has initiated a search for its new CFO, and Mehlman will continue to serve in the role until a successor is named. Poole will remain with the company as an adviser through early 2025.
“Building a strong talent bench is one of our strategic imperatives,” Crocs Inc. chief executive officer Andrew Rees said in a statement. “Anne has been an important thought partner over the last five years in her current capacity as chief financial officer and I have no doubt that her strategic abilities, commercial acumen, and deep knowledge of the Crocs brand will set us up well for our next chapter of growth.”
Crocs named Poole brand president in 2020. Prior to that, she served as the company’s executive vice president and chief product and merchandising officer. She also served in the positions of senior vice president and product and merchandising chief. She took over Crocs’ marketing functions in 2017. Before Crocs, she spent nearly three decades with several other brands, such as Sperry, Timberland, Kangol, Converse, MTV Europe and Pepe Jeans.
“I am incredibly grateful to have been part of this extraordinary, decade-long, journey of the Crocs Brand transformation in partnership with an immensely talented global team,” Poole, 55, said in a statement. “While it is hard to step away, I know this is the right time for me and my family.”
Mehlman rejoined Crocs in 2018 as CFO after a stint at the brand between 2011 and 2016 as vice president of corporate finance. She served as CFO of Zappos.com after she left Crocs in 2016.
“I am looking forward to working closely with our best-in-class product, marketing and global commercial teams as we continue to drive our mission of ‘everyone comfortable in their own shoes,’” Mehlman said in a statement.
Crocs on Thursday also maintained its outlook that it announced at the ICR conference this month. The company expects record 2023 revenues of approximately $3.95 billion, which would represent more than 11 percent growth compared to 2022. This is slightly above the company’s guidance of 10 percent to 11 percent growth, with the Crocs brand growing more than 13 percent, surpassing the $3 billion mark, with Hey Dude revenues of approximately $949 million.
Rees said in a statement earlier this month that 2023 was a strong year for the company that culminated in a successful holiday season with market share gains for both brands.
Crocs reports results for the fourth quarter on Feb. 15 and expects to see revenues grow over 1 percent in the period to approximately $732 million compared to 2022, above its guidance for a decline of 1 percent to 4 percent, with the Crocs brand growing almost 10 percent and Hey Dude down 19 percent but ahead of guidance.
