Struggling Crocs Inc. Gets New CEO

March 3 2009, 12:24 PM
Crocs Inc., the Niwot, Colorado, company that makes those rubbery clog shoes, has a new CEO, "footwear veteran" John Duerden, according to Boulder's Daily Camera. Duerden replaces Ron Snyder, who will retire. Connecticut's The Day notes that Duerden was the former president and CEO of Reebok International and comes to Crocs at a "time of intense changes at the company," which has struggled financially. In 2007, Crocs traded around $75 a share but now trades at little more than $1. Duerden most recently has focused on a consulting company, Chrysallis Group, that he created to work on various branding campaigns. Duerden will receive an annual salary of $850,000 along with a $350,000 signing bonus, and about $550,000 in stock. The company, launched by three friends in Boulder, and made millions of dollars. "Then the trouble began," as Robert Sanchez wrote recently for 5280.