Dive Brief:
- Wolverine World Wide has named Mike Maloney as chief product officer for its Work Group, according to a press release Tuesday.
- Maloney will lead product development, merchandise strategy and market expansion initiatives across all brands within the division, which includes Wolverine, Cat Footwear, Bates, Harley-Davidson Footwear, Merrell Work and Hytest, according to the release.
- Maloney joins Wolverine after three years at Designer Brands, most recently as vice president and general manager of new and owned brands, including Crown Vintage and Le Tigre, according to his LinkedIn. His career also includes stints at Under Armour, Adidas and Columbia.
Dive Insight:
The hire comes as Wolverine is undergoing a series of changes as part of its corporate restructuring plan, which looks to create $215 million in annualized savings.
Maloney said he was excited to join Wolverine during what he called a “pivotal moment for the organization.”
“The direction we are taking in product innovation and brand strategy aligns seamlessly with my vision of creating footwear that truly enhances the lives of our consumers,” Maloney said in the release. “I look forward to leveraging my extensive experience to elevate our Work Group Brands and develop cutting-edge solutions for the dedicated individuals who depend on our footwear every day as well as create demand-driving products that allow us to reach new consumers.”
Maloney’s experience gives him the ability to approach product strategy from multiple angles and effectively navigate the footwear market, the company said in the release.
In his new role, Maloney will report to Tom Kennedy, president of Wolverine Work Group.
“Mike’s consumer-first approach and experience in casual and athletic brands will advance our ability to grow in adjacent categories, most prominently lifestyle,” Kennedy said in the release.
Wolverine has been experiencing declining sales over the past year. However, some of the efforts it has been making as part of its restructuring plan might be starting to pay off.
In its third quarter results, reported earlier this month, the company saw revenue of $440.2 million, a 16.6% decline. This marked an improvement from Q2, when it saw a nearly 30% revenue decline. Based on the results, the company raised its fiscal 2024 outlook to include revenue expectations of $1.73 billion to $1.745 billion. The company had previously forecast a range of $1.71 billion to $1.73 billion.
