Deckers Brands Unveils Plan for CEO Succession

Deckers Brands (NYSE: DECK), a renowned global entity specializing in innovative footwear, apparel, and accessories, has declared the retirement of Dave Powers as President and Chief Executive Officer, effective August 1, 2024. Following his retirement, Powers is anticipated to remain an active member of the Company’s Board of Directors until the 2025 Annual Meeting of Stockholders. Stepping into the role of President and CEO upon Powers’ departure is Stefano Caroti, the current Chief Commercial Officer. Caroti is also expected to be nominated as a member of the Board at the 2024 Annual Meeting of Stockholders.

Mike Devine, Chairman of the Board, expressed gratitude for Powers’ significant contributions, stating, “For more than a decade, Dave has played an instrumental role in building Deckers into the leader it is today.” Devine acknowledged Powers’ role in elevating the company’s brands to consumer favorites and enhancing shareholder value. He conveyed the Board and management team’s appreciation for Powers’ leadership and wished him the best in retirement. Devine highlighted the expectation to continue benefiting from Powers’ insights during the transition and beyond.

In his own remarks, Powers reflected on his decade-long tenure, citing explosive growth driven by brand heat across UGG and HOKA. He commended the organization’s resilience and agility in achieving the dual goals of doing good and doing great. Powers expressed confidence in Deckers’ continued success under Stefano’s leadership and extended his best wishes to colleagues as they embark on the next chapter.

Devine expressed enthusiasm about Stefano Caroti’s appointment, citing his extensive industry experience and integral role in leading crucial aspects of Deckers’ operations. Caroti, who has been Chief Commercial Officer since April 2023, previously served as President of Omni-Channel for almost eight years and as Interim President of HOKA. With over 32 years of industry experience, Caroti’s diverse background includes senior executive positions at PUMA and NIKE, Inc. His successful track record and alignment with Deckers’ values position him as the ideal leader for the company’s future.

Caroti, in accepting the role, expressed privilege and excitement about building on Deckers’ momentum. He looks forward to collaborating with Powers over the next six months to ensure a smooth transition and executing the company’s strategy. Caroti emphasized the strength of Deckers’ management team, dedicated employees, and innovative products as key factors in maintaining a competitive edge in the market.

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