Wolverine Worldwide’s Board of Directors has terminated President and CEO Brendan Hoffman and he has formally stepped down as a director of the company. The announcement coincides with the footwear manufacturer’s Q2 financial results, which saw a 17.4% revenue drop year-over-year. Christopher E. Hufnagel, who has served as President of the company since June, will take the helm as CEO and serve on the Board.
Hufnagel has an established career in retail, holding roles at brands like Under Armour, Gap and Abercombie & Fitch as well as deep roots within the Wolverine Worldwide business specifically. He joined the company in 2008 and has held leadership positions across different divisions. Most recently, he served as President of the Active Group since November 2022, overseeing Merrell, Saucony, Chaco, the Kids Group and Global Licensing. He also has served as Wolverine Worldwide’s Global Brand President of Merrell and Global Brand President of CAT Footwear.
Hufnagel will tap his decades of omnichannel brand-building experience to support Wolverine’s broader transformation efforts. “Chris has a demonstrated track record of successfully building global brands, and he has a deep understanding of the company, our people, and our priorities,” said Tom Long, Chairman of the Wolverine Worldwide Board of Directors in a statement.
Business resiliency and transformation are top of mind for the leadership team now that the company has reported a 17.4% year-over-year revenue loss for Q2 to $589.1 million. Wolverine Worldwide ultimately lowered its full-year guidance, citing low global wholesale demand.
Last year, Wolverine unveiled a new corporate strategy to focus its portfolio on its biggest opportunities while creating cost savings for reinvestment in priority brands. Wolverine also outlined important new elements of the company’s transformation, including the consolidation of its U.S. offices and streamlining the organization to align with its new direction.