Wolverine Worldwide appoints new chief executive
Sweaty Betty owner Wolverine Worldwide has promoted Christopher Hufnagel to the position of president and chief executive of the business.
Previously president of the Wolverine brand, he has succeeded Brendan Hoffman, who is no longer with the company.
Hufnagel joined Wolverine Worldwide in 2008 and since then has worked in various other leadership roles, including president of the company’s Active Group with responsibility for Merrell, Saucony, Chaco, the Kids Group, and global licensing.
Tom Long, chairman of the Wolverine Worldwide board of directors, said, “Chris has a demonstrated track record of successfully building global brands, and he has a deep understanding of the company, our people, and our priorities. We are confident in the company’s overarching strategy and in Chris and the team’s ability to execute it with substantially enhanced urgency and boldness.”
The news comes as the company reported that its revenue declined by 17.4%, or 17.3% on a constant currency basis, to $589.1 million in its second quarter. Revenue from the ongoing business was $578.2 million and declined by 13.8% on a constant currency basis.
Mike Stornant, chief financial officer of Wolverine Worldwide, said: “The trading environment is challenging, especially in global wholesale channels where order demand has slowed as retailers manage their businesses more cautiously. As a result, we have reduced our revenue and earnings outlook for the back half of the year.”
Photo credit: Georgia Hawkins
