Wolverine Worldwide Announces New Brand Group Structure and Leadership Roles to Support Future Growth - Seite 2

“Our new reporting structure will allow us to focus on the brands and product categories that have the biggest opportunities to maximize future value creation. We will prioritize future investments and resource allocation to the areas that we expect to generate the greatest return,” said Mike Stornant, Executive Vice President and Chief Financial Officer. “This new segment presentation also provides investors and other stakeholders improved visibility into the underlying performance and results.”

This segment change was approved by the Wolverine Worldwide Board of Directors last week. Certain unaudited historical financial segment and supplemental brand information has been recast to reflect these segment reporting changes and is included in the Company's earnings release for the third quarter of 2022 and in a Current Report on Form 8-K filed with the SEC this morning.

New Leadership Appointments

In connection with reorganizing the brand group structure, the Company announced the following promotions and leadership appointments for three Company veterans:

Chris Hufnagel has been appointed as President of the Active Group. The Saucony and Chaco brands will now report into Mr. Hufnagel, who will also continue leading the Merrell brand. The Sweaty Betty brand will continue reporting into Mr. Hoffman.

Mr. Hufnagel is a 14-year veteran of the Company and has held several key leadership roles including Global President of Merrell since September 2019, Global President of Cat Footwear, and Corporate Senior Vice President and Head of Strategy. Prior to joining Wolverine Worldwide, Mr. Hufnagel held senior leadership roles at Under Armour, Gap, and Abercrombie & Fitch.

Tom Kennedy has been appointed as President of the Work Group, and the Wolverine, CAT Footwear, Bates, Harley-Davidson Footwear, and Hytest brands will continue reporting into him. Mr. Kennedy is a 7-year veteran of the Company and has held several key leadership roles, including Global President of Sperry and President of Apparel and Accessories. Prior to joining Wolverine Worldwide, Mr. Kennedy held senior leadership positions at Nike, Gap, Fossil, and PacSun.

Katherine Cousins has been appointed as President of the Lifestyle Group. The Hush Puppies brand will now report into Cousins, who joined the Company as President of Sperry in 2021 and has also overseen Keds since the beginning of 2022. Prior to joining Wolverine Worldwide, Ms. Cousins served as VP and General Manager of the Kodiak, Terra, and Work Authority brands at VF Corporation, and led global strategy, consumer research, licensing, and accessories for Timberland.