Crocs Names New CEO, Plans to Close Stores
After reporting another quarter of losses on Wednesday, Crocs Inc. is shaking up its top leadership and closing stores. Gregg Ribatt will step down as CEO on June 1, and Andrew Rees will take on the dual title of president and CEO.
Rees, who joined Crocs as president in 2014, previously led L.E.K. Consulting’s retail and consumer products practice and served as vice president of strategic planning and retail operations for Reebok International. Ribatt will remain on Croc’s board of directors.
In the final quarter of 2016, Crocs reported net losses of $44.5 million, better than the previous year when the company reported $73.9 million in losses. Crocs will also close about 160 retail stores — roughly 28 percent of all locations — by the end of 2018, the company said Wednesday, in conjunction with efforts to reduce $75 million to $85 million in expenses. At the end of 2016, Crocs had 558 stores worldwide.