1 Week, 7 Big Exec Moves: What Shifts at Nike, Boot Barn and More Say About the State of Shoe Leadership
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October may have come to an end, but it finished with a newsworthy “bang” following a flurry of executive moves in the footwear and retail industries.
From the surprising exit of the longtime Boot Barn chief executive officer changes to a new brand president at Wolverine Worldwide and fresh face of diversity and inclusion at Nike, there was no shortage of leadership changes this week. But are these moves indicative of more executive shifts on the way, or just a continuation of the movement we’ve been seeing?
Kyle Rudy, senior partner at global executive search firm Kirk Palmer Associates, told FN, that the quick answer is that these changes are a continuation of the high volume of movement the industry has been experiencing when it comes to the CEO seat.
“We tracked 40 CEO changes in the broader retail and fashion industry in October, and 32 in September,” Rudy told FN. “For comparison, July and August had 35 combined. With a new CEO at the helm, a cascade of executive changes often follows.”
As far as top footwear talent is concerned, Rudy noted that these kind of changes are increasingly seen as “innovation.” “[This is] a perception that hasn’t always been the case – and the footwear category has been a bright spot in the industry this year with impressive sales growth coming out of Deckers, Sketchers, On, Adidas and more,” he added.
The bustling sound of leadership changes kicked off on Monday with the unexpected announcement that Jim Conroy would step down as CEO of Boot Barn after 12 years in the top job.
Conroy announced the move as part of the company’s second-quarter earnings release on Monday, when he noted he was leaving the retailer to become CEO of Ross Stores, effective Feb. 2, 2025. He succeeds Barbara Rentler at Ross, who has served as CEO at the off-price retailer for the last 10 years.
In Conroy’s place at Boot Barn, John Hazen, the company’s current chief digital officer, will assume the role of interim CEO, effective Nov. 22. Wall Street wasn’t a fan of the news. As of market close on Tuesday afternoon, Boot Barn’s stock has dropped nearly 20 percent. The stock has since recovered and is now in the green as of Friday.
Monday also saw the announcement that Toms CEO Magnus Wedhammar would exit the shoe company in favor of a new role at the helm of a startup founded by a slew of former Nike employees. Wedhammar joined Toms in 2020 shortly after founder Blake Mycoskie and private equity firm Bain Capital ceded control of the brand to a group of creditors to provide debt relief to the shoe company, which had been dogged by negative credit ratings and bankruptcy rumors.