Crocs names director Gregg Ribatt as CEO; He will take reins after months without leader

MarketsAssociated Press

Crocs on Monday named one of its directors as CEO, filling a role that has been empty since the end of April.

Gregg Ribatt joined Crocs' board of directors in January. He has been interim CEO of shapewear maker Spanx and CEO of Collective Brands Performance & Lifestyle Group, a shoe and clothing company that included the Keds, Sperry Top-Sider and Saucony brands.

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"We are pleased with the appointment," wrote Stifel analyst Jim Duffy in a client note. "Ribatt is largely credited with Sperry's emergence as a lifestyle brand and significant growth prior to its acquisition by Wolverine." Wolverine Worldwide Inc. bought Collective Brands in 2012.

Ribatt is expected to take over as CEO in late January. John McCarvel, the former chief executive and president, retired on April 30.

Andrew Rees, Crocs' current president who joined the company in June, will report to Ribatt.

The company's sales have risen 3 percent through the first nine months of the year, while net income has slumped 51 percent.

Niwot, Colorado-based Crocs ended regular trading up 3 cents to $12.16. The stock is down 24 percent in 2014.