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ROCKFORD, Mich. - Wolverine World Wide, Inc. (NYSE:WWW), a global leader in branded footwear and apparel, has appointed Brett Parent as its first Chief Strategy Officer, effective as of Monday last week. According to InvestingPro data, the company’s stock has shown remarkable performance with a 143% return over the past year, despite current market challenges. Parent, a long-serving member of the company, will spearhead the development and execution of corporate strategies and oversee growth opportunities for Wolverine’s extensive brand portfolio.
With a presence in 170 countries and territories, Wolverine Worldwide has entrusted Parent with the responsibility of leading both the Strategy function and the Consumer Marketing team. His new role is designed to support the company’s e-commerce growth initiatives across its brands. Parent’s direct report will be to Chris Hufnagel, President and CEO of Wolverine Worldwide, and he will also join the company’s Executive Team. The appointment comes at a crucial time as InvestingPro analysis indicates the company is expected to return to profitability this year, with analysts forecasting positive earnings despite recent challenges.
Parent’s history with Wolverine Worldwide spans nearly two decades, during which he has assumed various leadership roles, most recently serving as Vice President of Strategy. His contributions have been particularly noted during the company’s transformative efforts over the past 18 months.
"Mr. Parent has seen virtually every aspect of our global operations and has a proven track record of success," said Hufnagel. "His deep experience and strong partnerships are invaluable as we continue to identify and drive strategic objectives and deliver better returns for our shareholders."
In response to his appointment, Parent expressed his enthusiasm and commitment to leveraging the company’s strong brand portfolio and building on the current momentum to realize Wolverine Worldwide’s potential globally.
Wolverine World Wide, Inc., established in 1883, is renowned for its portfolio of brands including Merrell®, Saucony®, Sweaty Betty®, and Hush Puppies®, among others. The company is also the global footwear licensee for Cat® and Harley-Davidson (NYSE:HOG)®. With a market capitalization of $1.64 billion and a notable 38-year track record of consistent dividend payments, the company maintains a strong market presence. Headquartered in Rockford, Michigan, Wolverine Worldwide’s products are available from leading retailers in the U.S. and around the world. For detailed financial analysis and additional insights, investors can access comprehensive research reports and real-time metrics through InvestingPro’s extensive database of over 1,400 US equities.
This news is based on a press release statement from Wolverine World Wide, Inc.
In other recent news, Wolverine World Wide has seen a flurry of developments. UBS has lowered the company’s stock price target to $29 but maintains a Buy rating. The firm’s analyst, Jay Sole, anticipates Wolverine’s full-year 2025 earnings per share (EPS) to range from $1.20 to $1.40, aligning closely with the Street’s current estimate of $1.37.
Simultaneously, the company announced the exit of director Jodi Bricker at the upcoming annual meeting. Bricker’s decision is reportedly unrelated to any disagreement with the company’s operations, policies, or practices.
In financial news, Wolverine World Wide has reduced its revolving credit facility from $1 billion to $800 million. This strategic decision, made following the company’s recent divestitures, is expected to lower costs associated with unused credit lines without impacting operations or leverage.
Lastly, Stifel has upgraded Wolverine World Wide’s stock from Hold to Buy, raising the price target to $29.00. The firm predicts 2025 to be a pivotal year for the company, expecting high-single-digit growth rates and a reduction in net leverage to 2.3 times by the end of the fiscal year. These recent developments highlight the dynamic environment surrounding Wolverine World Wide.
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