John Duerden, the Chief executive of shoe maker Crocs Inc (CROX.O) announced he would resign from the company with his departure effective March 1. The news came as a big surprise to Wall Street and weighed heavily on the company’s stock, which slid 16 percent following the announcement.
John McCarvel, the Chief Operating Officer at Crocs Inc, will replace Duerden. Duerdan had been with Crocs for only a year.
Crocs has been under pressure for over a year after it’s plastic shoes became the subject of much fashion scrutiny. The shoes had been popular for some time and touted for their comfort before they fell out of grace with general public.
For the fourth quarter, Crocs posted net losses of $11.5 million or 13 cents a share down from a small loss of $34.7 million in the same quarter the year prior.
For the first quarter Crocs predicts the company will break even with revenue of $160 million. [ID:nWNAB2179]
For the fourth quarter ended Dec. 31, Crocs posted a net loss of $11.5 million, or 13 cents a share, down from a loss of $34.7 million, or 42 cents a share, a year earlier.
Shares of Crocs tumbled 16.5 percent to $6.50 in after hours trading following a close price oft $7.79. Before the Bell Crocs had been up 2.3 percent Thursday.
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