Crocs CFO Carrie Teffner leaves post at short notice

  • Push-out Score suggests push-out forces
  • After less than three years in the position
  • Accolades, praise and thanks for Teffner
  • Anne Mehlman taking over
  • Teffner will remain as Executive Vice President Finance and Strategic Projects at Crocs
  • Teffner made a lengthy statement and said 69 words

(exechange) — Niwot, Colorado, August 7, 2018 — Carrie Teffner, finance chief of Crocs, leaves the position. It is a change at short notice. As announced by Crocs, Inc. in a news release and in a regulatory filing published on Tuesday, August 7, 2018, Carrie W. Teffner leaves her post as Chief Financial Officer at the shoe manufacturing company after less than three years in the role, effective August 24, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange. Only 27 percent of the CFOs who departed over the past 12 months left the position within three years.

Teffner’s move comes 14 months after Andrew Rees took over as CEO of Crocs, Inc.

Teffner leaves the company effective April 1, 2019.

Teffner’s duties will be taken over by Anne Mehlman, most recently Chief Financial Officer of Zappos.com, Inc.

The fact that Teffner’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To pursue strategic board and advisory work”

Teffner’s imminent departure from the CFO post is explained as follows. Crocs said: “Carrie Teffner, Executive Vice President and Chief Financial Officer, has announced her intention to resign from Crocs effective April 1, 2019 to pursue strategic board and advisory work.”

Teffner will remain as Executive Vice President Finance and Strategic Projects at Crocs

“Upon Ms. Mehlman’s arrival, and to ensure a seamless transition, Ms. Teffner will transition into the role of Executive Vice President Finance and Strategic Projects,” Crocs said.

“Resign”

Crocs said: “Carrie Teffner, the Company’s Executive Vice President and Chief Financial Officer, will resign from these roles effective as of August 24, 2018 and will continue with the Company as Executive Vice President Finance and Strategic Projects until April 1, 2019.”

Share price rise since May 2017

The change follows a rise in the share price of Crocs, Inc. since May 2017.

Chaired by Thomas Smach

Crocs, Inc. is chaired by Thomas Smach.

Thomas Smach has served as a member of the Company’s board of directors since April 2005 and stepped into the role of Chairman in late 2010.

CEO: Andrew Rees

Andrew Rees serves as CEO of Crocs, Inc. Andrew Rees is the President, CEO and Principal Executive Officer of Crocs, Inc., overseeing the brand’s global strategy and operations. Rees joined Crocs as President in June 2014, and became CEO and joined the Board of Directors in June 2017.

In the position of CFO since 2015

Carrie W. Teffner has been the Chief Financial Officer and Executive Vice President of Crocs, Inc. since December 16, 2015.

Carrie W. Teffner has served as the Company’s Executive Vice President and Chief Financial Officer since December 2015.

She also served as a member of the Company’s Board from June 2015 to December 2015.

From June 2013 through June 2015, she served as Executive Vice President and Chief Financial Officer of PetSmart, Inc., a specialty provider of pet products and services. Prior to joining PetSmart, Teffner served as Executive Vice President and Chief Financial Officer at Weber-Stephen Products LLC, a manufacturer of charcoal and gas grills and accessories, from October 2011 to May 2013.

Prior to that, she served as Senior Vice President and Chief Financial Officer for The Timberland Company, a manufacturer and retailer of outdoors wear, from September 2009 to September 2011.

From 1988 to 2009, she worked in various leadership roles at Sara Lee Corporation, a consumer goods company, including Senior Vice President and Chief Financial Officer, Sara Lee International Household and Body Care; Senior Vice President and Chief Financial Officer, Sara Lee Foodservice; and Senior Vice President, Financial Planning and Analysis and Treasurer, Sara Lee Corporation.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Carrie Teffner’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 33.2018 ($).