Shares of shoemaker Crocs Inc. fell sharply on Friday, following the departure of the company’s CEO, John Duerden. Duerden had been with the struggling Crocs Inc. for around a year.
Crocs, the maker of rubbery, rightly colored clogs, had gained notable popularity toward the middle of the decade but fell out favor after several years of being trendy. The company has been suffering through losses for several consecutive quarters. Yesterday, it posted a full-year loss of $42.1 million, or 49 cents per share. Revenue also plummeted in 2009 by10.5 percent to $645.8 million.
Chairman Richard Sharp is not ready to give up on the ailing company yet though and has said they are gearing up for the next chapter of a turnaround.
Today, shares tumbled 13 percent or $1.03 to $6.76 in morning trading.
Duerden, who will officially leave on Monday will be replaced by current Chief Operating Officer John McCarvel. McCarvel has been with Crocs for six years.
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