Struggling Crocs Inc. Gets New CEO
By 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 forÂ 5280