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Posted 02 June, 2023

WOLVERINE WORLD WIDE INC /DE/ appointed new CEO

CEO Change detected for ticker NYSE:WWW in a 8-K filed on 02 June, 2023.


  On May 31, 2023, Wolverine World Wide, Inc. (the "Company") announced that the Company's Board of Directors (the "Board") appointed Christopher E. Hufnagel as the Company's President, effective as of June 4, 2023. Mr. Hufnagel will succeed Brendan L. Hoffman as President, who will continue to serve as the Company's Chief Executive Officer.  

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Overview of WOLVERINE WORLD WIDE INC /DE/
Consumer Goods • Footwear
Wolverine World Wide, Inc. engages in the design, manufacture, and sale of branded casual, active lifestyle, work, outdoor sport, athletic, uniform, footwear, and apparel. It operates through the following segments: Active Group & Work Group. The Active Group segment consists of Merrell footwear and apparel, Saucony footwear and apparel, Sweaty Betty activewear, and Chaco footwear. The Work Group segment consists of Wolverine footwear and apparel, Cat footwear, Bates uniform footwear, Harley-Davidson footwear and HYTEST safety footwear. The company was founded by G. A. Krause in 1883 and is headquartered in Rockford, MI.
Market Cap
$768M
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WOLVERINE WORLD WIDE INC /DE/ by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On May 31, 2023, Wolverine World Wide, Inc. (the "Company") announced that the Company's Board of Directors (the "Board") appointed Christopher E. Hufnagel as the Company's President, effective as of June 4, 2023. Mr. Hufnagel will succeed Brendan L. Hoffman as President, who will continue to serve as the Company's Chief Executive Officer. 


Mr. Hufnagel, 51, most recently served as the Company's President, Active Group since November 2022, and as President of the Merrell brand since September 2019. From July 2018 through September 2019, he served as President, CAT Footwear. From January 2013 through July 2018, he served as Senior Vice President and Head of Corporate Strategy, and from 2008 to 2013, he served as President of Direct-to-Consumer. 


On May 30, 2023, the Company entered into an offer letter (the "Offer Letter") with Mr. Hufnagel to serve as the Company's President. In accordance with the Offer Letter: (i) Mr. Hufnagel will receive a base salary of $800,000 per year and his bonus target will remain 60% of his base salary; (ii) the Company will recommend to the Compensation Committee of the Board (a) at its February 2024 meeting, that Mr. Hufnagel be granted restricted and performance stock units commensurate with his position as President, and (b) at the Committee's next meeting, that Mr. Hufnagel be granted $500,000 in restricted stock units, which will vest in three equal installments over a three year period; and (iii) Mr. Hufnagel will be required to maintain a minimum stock ownership level of three times his annual base salary.


Mr. Hufnagel will continue to participate in the Company's Executive Short-Term Incentive Plan and the Company's Stock Incentive Plan. The terms of these plans are described in the Company's Proxy Statement filed with the Securities and Exchange Commission on March 22, 2023 (the "Proxy Statement") and are filed as Exhibits 10.25 and 10.48, respectively, to the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 23, 2023. 


The foregoing description is not complete and is qualified in its entirety by reference to the complete text of the Offer Letter, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending July 1, 2023.