Wolverine’s New CEO Has Analysts and Footwear Industry Players Feeling Optimistic

Wolverine Worldwide has a new top dog — and analysts are feeling overall positive about the leadership change. After announcing the sudden firing of its CEO Brendan Hoffman on Thursday, Wolverine named Christopher Hufnagel, formerly president of the company, as president and CEO. Hufnagel joined Wolverine in 2008 and served in several leadership roles before being named president in May 2023. In the wake of the move, which occurred in tandem with a weak earnings report for the second quarter and a downgraded full-year outlook, analysts appeared overall positive about Hufnagel’s ability to help ignite growth for the company, which owns the Saucony, Merrell, Sperry and Sweaty Betty brands, among others. “As a 15-year Wolverine Worldwide veteran with experience spanning multiple functional and brand leadership roles, we view Hufnagel’s appointment as a logical move for the company,” wrote Baird analyst Jonathan Komp in a Thursday note to investors. He added in another note that Hufnagel will need to “re-establish credibility in financial projections and brand health” to reinvigorate the stock. Last year, Wolverine initiated a broad turnaround effort meant to focus its attention on brands with the most potential and improve profitability. As part of this strategy, the company announced a possible sale of its Sperry brand

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