Wolverine Worldwide Chairman Blake Krueger to Retire in Planned Succession

Wolverine Worldwide chairman and former CEO Blake Krueger is retiring from his position on the board.

Brendan Hoffman assumed the CEO role at the footwear conglomerate at the end of 2021, succeeding Krueger after 14 years. Since then, Krueger has served as executive chairman of the board.

Krueger’s retirement will be effective May 4, after which lead independent director Tom Long will take over as chairman.

“It has been an absolute privilege and honor to have served Wolverine Worldwide for the past 30 years, and to have played a role in the company’s successful 140-year history,” said Krueger in a statement. “I am excited about the company’s future and know that under Brendan’s leadership and the strategic guidance of Tom and the Board of Directors, and with the efforts of our global team, Wolverine Worldwide and its shareholders are in great hands and well-positioned for continued growth and success.”

Krueger worked at Wolverine Worldwide for about 30 years. He was named CEO and appointed to the executive board in 2007 and became chairman in 2010.

Long has served on Wolverine’s Board since 2011 and previously served as CEO of MillerCoors, CEO and chief marketing officer of Miller Brewing Company and in several roles at Coca-Cola.

“On behalf of the Board of Directors, I would like thank to Blake for his many years of dedication and service to the company and its shareholders,” Long said in a statement. “During his long tenure the company transformed from a traditional footwear wholesaler into a consumer-focused, global organization with one of the world’s largest portfolios of footwear and lifestyle brands. I am honored to succeed him as chairman as part of our planned leadership transition.”

Wolverine also announced the appointments of three new directors: PetSmart EVP and chief customer officer Stacia Andersen, CEO of Quay Australia Jodi Bricker and recently retired RH president and chief operating, service and values officer DeMonty Price.

David McCreight, who served as a director since 2019, has resigned from the board, effective May 4.

Wolverine Worldwide last month reported a net loss of $361 million for the fourth quarter ended Dec. 31, compared to a loss of $14.6 million in the year-ago period. The loss per diluted share was $4.59 last quarter versus a loss of $0.18 in the fourth quarter of 2021.

The challenging results come as Wolverine rolls out a turnaround plan to right size business and improve gross margin, reorganizing its portfolio of brands into three different segments.

Access exclusive content