Wolverine Worldwide Fires CEO, Lowers Outlook — Retail Bum

Wolverine Worldwide has removed Brendan Hoffman as the company’s chief executive after the company lowered its full-year guidance due to softening global wholesale demand.

The company’s overall revenue fell 17.4% year over year to $589.1 million, with direct-to-consumer down 20.3% and international revenue down 17.4%.

In place of Hoffman, the company has appointed Christopher Hufnagel as the president and CEO. Hufnagel began working for Wolverine Worldwide in 2008 and, over the years, held several leadership roles, focusing on various Wolverine brands such as Merrell and CAT Footwear. In November 2022, the company was named the group president of Wolverine’s active brands, including Chaco, Merrell, Saucony, and Kid’s Group, as well as global licensing.

Hufnagel has previously held several senior leadership roles at big-name retailers such as Under Armour, Gap, and Abercrombie & Fitch.

“Wolverine Worldwide maintains some of the world’s most recognizable and loved lifestyle and footwear brands, and transforming our business to bring the full power of these brands to life will be a key driver of our success,” Hufnagel said. “I have had the privilege of working with many teams across this organization over the past 15 years, and we have what it takes to build a stronger…