Posted by Sheila Shayon on July 4, 2011 10:00 AM
Everybody loves a good turnaround story. Crocs is back in the headlines as John McCarvel, President & CEO, just received the Stevie Award for turnaround executive of the year at the recent 9th Annual 2011 American Business Awards.
Honored for his leadership role in the brand’s return to profitable growth as one of the best-performing stocks of 2010 (as he discussed with CNBC), with shares up more than 200% over three years, McCarvel shared credit with his team.
“This award speaks to all we have accomplished at Crocs over the past year and all the hard work that has gone into making our company the strong organization it is today. I’m happy to accept this award on behalf of our global employee team, who truly are the heart of the company, each working hard to make this turnaround happen.”
Two key factors in the turnaround, cleaning up distribution channels — moving out of hardware stores and gas stations, and handling rip-offs with their proprietary Croslite technology introduced in 2010 and covered here.
McCarvel assumed his current position in February 2010, from his previous role as COO/EVP. On his watch, in addition to the stock rise, Crocs has:
- Expanded product offerings to more than 250 styles including sneakers and boots, making it a viable four-season brand
- Opened 61 new retail stores worldwide
- Increased its online presence
- Reinvigorated its corporate social responsibly platform, Crocs Cares, focused on children and families in need.
The lighthearted, lightweight shoe, is feeling the love again.