Crocs Inc. has scrapped its chief operating officer position, resulting in the eventual departure of executive Scott Crutchfield, the Niwot-based shoe company disclosed Tuesday.
Crocs notified the U.S. Securities and Exchange Commission that the firm eliminated the COO position, adding that Crutchfield, who has been a Crocs executive since 2006, would provide transition-related services through Sept. 1.
Crutchfield is entitled to receive a cash severance payment of his base salary, which would be nearly $420,000, according to SEC filings. The settlement agreement was approved in December 2013, when Blackstone Group LP invested $200 million in Crocs.
Officials for Crocs could not be immediately reached for comment.
Earlier this year, Crocs newly appointed CEO Gregg Ribatt said 2015 would be a “transition period” for Crocs, which suffered sales setbacks in key markets such as China and recorded a net loss of $4.9 million in 2014. The company made $10.4 million the year before.
Last summer, Crocs announced that included 180 layoffs and a thinning of its product line and store base.
Crocs is expected to report its first-quarter earnings on Friday morning.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace
