- After about a year and a half in the position
- Praise, thanks and good wishes for Hoffman
- Chris Hufnagel taking over
(exechange) — Rockford, Michigan, August 10, 2023 — Brendan Hoffman, chief executive of Wolverine, leaves his position. As announced by Wolverine World Wide Inc. in a news release and in a regulatory filing published on Thursday, August 10, 2023, Brendan L. Hoffman has left his post as chief executive officer at the footwear manufacturer, after about a year and a half in the role, effective August 6, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Brendan Hoffman’s duties as CEO will be taken over by Christopher E. (Chris) Hufnagel, most recently President at Wolverine World Wide Inc.
“Substantially enhanced urgency and boldness”
Wolverine did not give an explicit reason for Brendan Hoffman’s departure from the CEO post. Tom Long, Chairman of the Wolverine Worldwide Board of Directors, stated: “We are confident in the Company’s overarching strategy, and in Chris and the team’s ability to execute it with substantially enhanced urgency and boldness.”
Precise information regarding Brendan Hoffman’s future plans was not immediately available.
“Is no longer with the Company/terminated”
Wolverine said: “Mr. Hufnagel succeeds Brendan L. Hoffman, who is no longer with the Company.”
Wolverine further said: “Effective as of August 6, 2023, the Board of Directors (the “Board”) of the Company terminated the employment of Brendan Hoffman as the Company’s Chief Executive Officer without Cause (as defined in the Employment Agreement, dated as of August 7, 2020, between Mr. Hoffman and the Company, as amended as of December 17, 2021). Additionally, effective as of August 6, 2023, Mr. Hoffman resigned as a director of the Company.”
“Not the result of any dispute or disagreement”
Wolverine stated, regarding the change: “Mr. Hoffman’s resignation was not the result of any dispute or disagreement relating to the Company’s operations, policies, or practices.”
Share price decline since January 2022
The announcement follows a decline in Wolverine World Wide Inc.’s share price of 60% since January 2022. January 2022 is the month in which Hoffman’s tenure as CEO began.
In the position of CEO since 2022
Brendan Hoffman became CEO of the Company in 2022.
Hoffman was appointed as President of Wolverine Worldwide effective in September 2020 and has served as the President and Chief Executive Officer of the Company since January 2022.
From 2015 to August 2020, Hoffman served as the President and Chief Executive Officer of Vince Holding Corp., a public company and apparel retailer.
Prior to joining Vince, Hoffman served as the President and Chief Executive Officer of Bon-Ton Stores Inc., a department store chain, from 2012 to 2014.
Previously, he was the President and Chief Executive Officer of Lord & Taylor L.L.C., a department store chain, for more than three years, and before that, he served for six years as President and Chief Executive Officer of Neiman Marcus Direct, an online retailer and a subsidiary of The Neiman Marcus Group Inc., where he oversaw the growth of neimanmarcus.com and the launch and growth of bergdorfgoodman.com.
During the past 5 years, he has served as a director of Vince Holding Corp. and Pier 1 Imports, a home furnishings and decor retailer.
No statement by Brendan Hoffman
In the news release announcing his departure as CEO of Wolverine World Wide Inc., Brendan Hoffman received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Brendan Hoffman.
Push-out Score for Brendan Hoffman’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Brendan Hoffman was pushed out or felt pressure to leave his position.
exechange reached out to Wolverine and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2023 ($).