(Reuters) - Crocs Inc (CROX.O), known for its colorful clog shoes, said it appointed Gregg Ribatt as chief executive, effective late January 2015.
The footwear maker’s net income has declined in five of the last six quarters, hurt by waning popularity amid lack of product innovation.
The company’s profit forecast for this quarter was below average analyst estimate. Crocs had reported a fall in third-quarter sales from Asia-Pacific, a region that contributes about 40 percent of total revenue.
Crocs has been looking to remodel its core footwear brands and said Ribbat’s appointment would aid the transformation. The company had said it would hire a CEO with a focus on earnings growth after John McCarvel retired in April.
Ribbatt, who joined Croc’s board in January, would be paid an annual base salary of $950,000, the company said on Monday.
Crocs’ shares closed at $12.16 on Monday on the Nasdaq. Up to Monday’s close, the Niwot, Colorado-based company’s stock has fallen more than 23 percent this year.
Reporting by Nayan Das in Bengaluru; Editing by Joyjeet Das