Wolverine Worldwide appointed its current president to take over as CEO from Blake Krueger at the end of the year.
The Rockford-based maker of lifestyle apparel and footwear said Wednesday that Brendan Hoffman, president and a member of the company’s board of directors, also will become CEO at the end of the year.
Hoffman will succeed Krueger, who began his career with Wolverine in 1993, has been CEO since 2007 and board chair since 2009. As part of the transition, Krueger will assume the newly created role of executive chair of Wolverine Worldwide.
“It has been an honor and privilege to serve Wolverine Worldwide for the past 28 years, working with and helping to build an amazing and impactful global team, brand portfolio, and footwear and lifestyle mainstay,” Krueger said. “I look forward to continuing my work with Wolverine Worldwide and the board in my new role as executive chairman. I am confident that the company is in great hands and will have continued growth as Brendan takes over as the new CEO.”
Hoffman, 52, joined Wolverine Worldwide as president in September with oversight of the company’s brands and direct-to-consumer business, reporting directly to Krueger. Hoffman’s initial focus has been pursuing growth initiatives across Wolverine Worldwide’s brands and digital operations with one of his primary objectives being to drive the company’s e-commerce revenue goal of $500 million for 2021, doubling 2019 levels.
During the past nine months, Krueger and Hoffman have worked together to leverage Wolverine Worldwide’s global brand portfolio, navigate the impacts of COVID-19 and position the company and its brands for post-pandemic growth and long-term success.
“I would like to thank Blake and the board for their support and the opportunity to lead Wolverine Worldwide into its next phase of global growth,” Hoffman said. “It’s been a privilege to work closely with Blake over the past year, and I have gained tremendous knowledge of the industry and the unique strengths of the company’s global brand portfolio. Blake has truly transformed the company during his tenure, and it is an honor to be entrusted with building on this incredible foundation, working with an industry-leading team and capitalizing on the many opportunities ahead for Wolverine Worldwide. I look forward to continuing our partnership as we step into our new roles.”
Before joining Wolverine, Hoffman was CEO of Vince Holding Corp., a publicly traded, global contemporary fashion brand. While at Vince, he increased the growth and reach of the company’s e-commerce and digital platforms, adapted Vince’s vertical supply chain to embrace “buy now/wear now” trends and extended the brand into new consumer categories.
Prior to joining Vince in 2015, Hoffman was president and CEO of The Bon-Ton Stores and president and CEO of Lord & Taylor. In addition, he was president and CEO of Neiman Marcus Direct earlier in his career, helping to grow neimanmarcus.com and launch bergdorfgoodman.com.
Under Krueger’s leadership as CEO, Wolverine transformed from a traditional footwear wholesaler into a consumer- and digital-focused company with a large global portfolio of footwear and lifestyle brands. He led the company’s acquisitions of the Merrell, Saucony, Sperry, Stride Rite, Keds and Chaco brands, opening up new market segments and consumer territories. During his tenure, the company expanded its international distribution to more than 170 countries and territories, grew revenue to over $2 billion and increased market capitalization by 30-fold.
As executive chair, Krueger, 67, will continue to lead Wolverine’s board of directors and will partner with Hoffman on key international and strategic initiatives.
“Blake has been a leader in the footwear industry for almost three decades, and it’s been an honor to work closely with him and the Wolverine Worldwide team during his tenure,” said David Kollat, lead independent director for Wolverine since 2007 and a director since 1992.
“On behalf of the board, I want to thank Blake for his passion, dedication and exceptional leadership as CEO of Wolverine Worldwide. We will continue to benefit from his expertise and experience in his new role as executive chairman, and we are grateful for his work in preparing for a smooth CEO transition.
“In his time with the company, Brendan has proven to be an impactful leader with a strong understanding of our most significant opportunities in the global marketplace, and we believe the company is well-positioned for continued success under his leadership.”
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