Appointment of John Vandemore as Chief Financial Officer Allows
David Weinberg to Continue Focusing on Global Growth as Chief Operating
Officer
MANHATTAN BEACH, Calif. -- (Business Wire)
SKECHERS USA, Inc. (NYSE:SKX) announced today that the Company has hired
John Vandemore to serve as Chief Financial Officer. This expansion of
the Skechers executive team will allow David Weinberg—who had been
filling both CFO and COO roles—to focus more attention on the Company’s
operations in support of its continued growth around the globe. Mr.
Vandemore will report directly to Mr. Weinberg and assume his new
position within the next few weeks.
“With the pace of international growth we’ve been experiencing at
Skechers, the addition of John (Vandemore) means I can truly focus more
attention on the rapidly growing segments of our international
countries, as well as those that we see having strong potential,” began
Mr. Weinberg, Chief Operating Officer of Skechers. “Our success brings
with it the challenge of increased pressure on reporting and John’s
experience, most notably at The Walt Disney Company and Mattel, is proof
that he’ll be an essential asset to me and the senior team moving
forward. Further, I believe John will be key in ensuring that our
financial strategy supports growth efficiency in tune with meeting our
ongoing filing obligations.”
“I started Skechers 25 years ago, and for that entire journey David
Weinberg has been key in making this company the incredible success that
it is today,” began Robert Greenberg, Chief Executive Officer of
Skechers. “As international now represents more than 50 percent of our
total business, we must continue to ramp up operations and
infrastructure to meet the demand. David understands how to do it the
right way at the right speed to maintain our forward momentum. With John
(Vandemore) handling CFO responsibilities, David will now have the
bandwidth to travel and find opportunities to maximize our efficiencies
around the globe. We’re fortunate to have both of these talented
executives on our team, and believe this bolstering of our executive
team will allow us to continue to profitably grow.”
In his ongoing role as Chief Operating Officer, Mr. Weinberg will
continue to be responsible for the day-to-day operations of the
Company—including planning and directing all aspects of the Company’s
operational policies, objectives and initiatives, and the attainment of
short- and long-term financial and operational goals to ensure future
growth. He will devote particular attention to increasing efficiencies
in the international business as it continues to be the main driver of
overall growth. Mr. Weinberg has been with Skechers since it was founded
in 1992, and was named Chief Financial Officer in 1993 and Chief
Operating Officer in 2006. Since 1998, he has also served as Executive
Vice President and a member of the Company’s Board of Directors.
As the CFO of Skechers, Mr. Vandemore will be responsible for overseeing
the Company’s reporting and filing obligations before the United States
Securities and Exchange Commission, and for directing the Company’s
overall financial policies, including accounting, budget, credit,
insurance, tax, and treasury. With more than two decades of business
finance experience, Mr. Vandemore has served as Executive Vice President
and Division Chief Financial Officer of Mattel Inc. (NASDAQ: MAT). Prior
to that he was the Chief Financial Officer and Treasurer of
International Game Technology Plc (NYCE: IGT)—a computerized gaming
machine manufacturer. And he spent 12 years in operations and finance
roles at The Walt Disney Company (NYSE: DIS) including five years as
Vice President and Chief Financial Officer of Walt Disney Imagineering.
About SKECHERS USA., Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs,
develops and markets a diverse range of lifestyle footwear for men,
women and children, as well as performance footwear for men and women.
SKECHERS footwear is available in the United States and over 160
countries and territories worldwide via department and specialty stores,
2,438 SKECHERS Company-owned and third-party-owned retail stores, and
the Company’s e-commerce websites. The Company manages its international
business through a network of global distributors, joint venture
partners in Asia and the Middle East, and wholly-owned subsidiaries in
Canada, Japan, throughout Europe and Latin America. For more
information, please visit skechers.com and follow us on
Facebook(facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
without limitation, Skechers’ future domestic and international growth,
financial results and operations including expected net sales and
earnings, its development of new products, future demand for its
products, its planned domestic and international expansion, opening of
new stores and additional expenditures, and advertising and marketing
initiatives. Forward-looking statements can be identified by the use of
forward-looking language such as “believe,” “anticipate,” “expect,”
“estimate,” “intend,” “plan,” “project,” “will be,” “will continue,”
“will result,” “could,” “may,” “might,” or any variations of such words
with similar meanings. Any such statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected in forward-looking statements. Factors that might cause
or contribute to such differences include international economic,
political and market conditions including the uncertainty of sustained
recovery in Europe; sustaining, managing and forecasting costs and
proper inventory levels; losing any significant customers; decreased
demand by industry retailers and cancellation of order commitments due
to the lack of popularity of particular designs and/or categories of
products; maintaining brand image and intense competition among sellers
of footwear for consumers, especially in the highly competitive
performance footwear market; anticipating, identifying, interpreting or
forecasting changes in fashion trends, consumer demand for the products
and the various market factors described above; sales levels during the
spring, back-to-school and holiday selling seasons; and other factors
referenced or incorporated by reference in Skechers’ annual report on
Form 10-K for the year ended December 31, 2016 and its quarterly report
on Form 10-Q for the three months ended September 30, 2017. The risks
included here are not exhaustive. Skechers operates in a very
competitive and rapidly changing environment. New risks emerge from time
to time and the companies cannot predict all such risk factors, nor can
the companies assess the impact of all such risk factors on their
respective businesses or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, you should not place undue reliance on forward-looking
statements as a prediction of actual results. Moreover, reported results
should not be considered an indication of future performance.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171115005737/en/
Contacts:
Skechers
Jennifer Clay, 310-937-1326
Jennc@skechers.com
Source: SKECHERS USA, Inc.
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