Wolverine Worldwide, a footwear giant, has announced the appointment of Christopher E. Hufnagel as its new CEO following disappointing results for the second quarter. Hufnagel, who has been with the company since 2008, will also serve as president and a member of the board. He takes over from Brendan L. Hoffman, who was terminated without cause, effective August 6.
Hufnagel has an extensive background in the industry and has held various leadership roles within Wolverine Worldwide. Prior to his appointment as president, he served as president of the company’s active group, overseeing brands such as Merrell, Saucony, Chaco, the Kids Group, and Global Licensing. He has also held positions as the global brand president of Merrell and CAT footwear, as well as president of direct-to-consumer and senior VP of strategy.
Wolverine Worldwide’s decision to appoint Hufnagel comes as the company reported a 17.4% decrease in revenues for the second quarter, amounting to $589.1 million. The company cited a challenging trading environment, particularly in global wholesale channels, where order demand has slowed due to cautious business management by retailers.
In response to the disappointing results, Tom Long, Chairman of Wolverine Worldwide, expressed confidence in Hufnagel and the company’s strategy moving forward. He praised Hufnagel’s track record in building global brands and his understanding of the company and its priorities. Long emphasized the need for enhanced urgency and boldness in executing the company’s strategy.
Wolverine Worldwide had previously unveiled a new corporate strategy aimed at focusing on its biggest opportunities. As part of this strategy, the company announced in May that it was evaluating alternatives for the Sperry brand.
Prior to Hoffman’s tenure as CEO, he had served as CEO of fashion brand Vince and as president and CEO of The Bon-Ton Stores and Lord & Taylor.
Wolverine Worldwide is a leading marketer and licensor of branded footwear and apparel, with a portfolio that includes renowned brands such as Merrell, Sperry, Saucony, Sweaty Betty, Hush Puppies, Stride Rite, and Wolverine.
With the appointment of Christopher E. Hufnagel as CEO, Wolverine Worldwide aims to overcome its recent challenges and capitalize on its most significant growth opportunities in the footwear industry.
