Crocs Inc. has added another female executive to its leadership team.
The company on Tuesday announced that it hired Susan Healy as its new chief financial officer. She replaces Anne Mehlman, who was elevated to the role of Crocs brand president after former president Michelle Poole retired last week.
With Healy’s hiring, Crocs bucks a downward trend of women’s representation in senior leadership roles. According to a recent study from S&P Global Market Intelligence, growth in women’s representation across all senior leadership positions in the U.S. plunged to 0.5 percent in 2023, the lowest rate in over a decade compared to the 1.2 percent average. Within C-suite roles, female representation regressed for the first time since 2005, with women holding just 11.8 percent of C-suite roles in 2023, down from 12.2 percent in 2022.
“Susan is a seasoned financial professional and a Wall Street veteran, with financial leadership and operational experience across several industries,” said Crocs chief executive officer Andrew Rees in a statement. “She will be a great addition to our leadership team and I look forward to working with her.”
Healy most recently served as CFO at automotive marketplace IAA, Inc., where she led a $7 billion merger with Ritchie Bros. Auctioneers Incorporated. Prior to that, she served as the senior vice president of finance at Ulta Beauty and as the CFO of Lands’ End. She also held several roles during a 12-year career at Goldman Sachs.
“Crocs, Inc. is an admirable company, with its two iconic brands generating exceptional free-cash-flow and industry-leading margins,” Healy said in a statement. “I look forward to the opportunity to drive continued, profitable growth for the company and deliver top-tier total shareholder returns.”
Crocs Inc. on Tuesday reported better-than-expected results for the first quarter, which included a 6 percent revenue increase from the prior year to a record $939 million. This was ahead of the $881.71 million expected by analysts surveyed by Yahoo Finance. Q1 adjusted diluted EPS was up 16 percent to $3.02, also ahead of the $2.23 expected by analysts.
The strong performance was driven by the Crocs brand, where revenues increased 14.6 percent to $744 million in the quarter. However, the Hey Dude brand continued to lag in Q1, with revenues down 17.2 percent to $195 million. The slowdown was present in both wholesale, which decreased 19.7 percent, and direct-to-consumer, which decreased 11 percent.
