Wolverine Worldwide on Thursday announced the sudden exit of CEO Brendan Hoffman and named Christopher Hufnagel, formerly president of the company, as president and CEO.
According to a regulatory filing, the footwear company terminated Hoffman without cause, effective Aug. 6. The departure was not a result of a disagreement with the company’s policies or operations. Wolverine would not share details behind the sudden leadership change.
Hoffman joined Wolverine as president in September 2020 and succeeded Blake Krueger as CEO at the end of 2021. Hufnagel joined Wolverine in 2008 and served in several leadership roles before being named president in May 2023.
“I am honored to step in as CEO at this critical moment for the company,” Hufnagel said in a statement. “Wolverine Worldwide maintains some of the world’s most recognizable and loved lifestyle and footwear brands, and transforming our business to bring the full power of these brands to life will be a key driver of our success.”
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Hoffman gave his best wishes to Hufnagel and the company and said in a statement that he was “honored to have led this talented team through unprecedented global disruption and set a strategic path for success.”
The leadership change comes at a challenging moment for the footwear giant, which owns the Saucony, Merrell, Sperry and Sweaty Betty brands, among others. In the last year, the company has initiated a broad turnaround effort and has announced a potential sale of its Sperry brand after divesting its Keds business late last year.
Wolverine Worldwide board chairman Tom Long said in a statement that the board believes in Hufnagel’s ability “to deliver strong shareholder value on a sustained basis.”
In tandem with the news, Wolverine reported weak results for the second quarter. Revenues were down 17.4 percent to $589.1 million versus the prior year. Adjusted diluted earnings per share were 19 cents, down 70.8 percent from the same quarter in 2022. Given the weak results, Wolverine lowered its revenue and earnings outlook for the full year.
“The trading environment is challenging, especially in global wholesale channels, where order demand has slowed as retailers manage their businesses more cautiously,” Mike Stornant, EVP and CFO of Wolverine Worldwide, said in a statement.
