Shoe manufacturer Crocs will get a new CEO at the end of January 2015. Gregg Ribatt, currently member of Crocs's board, will succeed John McCarvel who left in April.
Ribatt has previous CEO experience at, among others, Spanx and Collective Brands Performance & Lifestyle Group. He has also been Stuart Weitzman Holdings's CEO, president and board member. At Bennett Footwear Group, he used to be the COO and executive vice-president.
"Gregg brings 2 decades of success and leadership to Crocs and will lead the company in its growth and transformation process", chairman of the board Thomas J. Smach said.
After an extremely successful period, Crocs's net profits dropped extensively over the past 5 out of 6 quarters. Profit was also lower than expected in its last quarter as the brand has lost a lot of popularity and desperately needs to innovate.