Crocs to get $200 m from Blackstone, CEO to retire
Crocs said Blackstone Group is making a $200million investment that will give the private equity firm a 13% stake in the shoe company. In exchange for the $200 million, Blackstone will receive preferred stock that can convert to common stock in three years if certain conditions are met. It will also receive two board seats. The shoemaker also said late on Sunday that the company’s chief executive, John McCarvel, plans to retire in April and will also give up his seat on Crocs’ board. “We will recruit a new CEO who will work with the reconstituted board to refine our short-term and long-term strategic plans, which will include a sharper focus on earnings growth with less emphasis on top-line growth,” chairman Thomas Smach said in a statement.