Crocs to get $200 m from Black­stone, CEO to re­tire

The Financial Express - - INTERNATIONAL -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.