Crocs Inc. is shaking up its top leadership and after reporting another quarter of losses Wednesday.
The Niwot-based shoe company said Gregg Ribatt will step down as CEO on June 1 and Andrew Rees will take on the dual title of president and CEO.
Rees, who , previously led Boston-based L.E.K. Consulting’s retail and consumer products practice and served as vice president of strategic planning and retail operations for Reebok International. Ribatt will remain on Croc’s board of directors.
For the fourth quarter, Crocs reported net losses of $44.5 million. That’s better than a year earlier, though, when the shoe company reported $73.9 million in losses. Revenues in the fourth quarter were $187.4 million, down from $208.7 million in 2015.
“I’m very pleased with the operational progress made in 2016 as we continued to improve our product, systems, processes and team,” Ribatt said in a statement. “Given this progress, I am pleased to announce that the Board and I have determined that we are now in a position to consolidate the President and CEO roles.”
Crocs will also close about 160 retail stores — roughly 28 percent of all locations — by the end of 2018, the company said Wednesday, in conjunction with efforts to reduce $75 million to $85 million in expenses. At the end of 2016, Crocs had 558 stores worldwide.
A company spokesman declined to comment on how many employees will be affected.
Company officials expect 2017 revenue to be relatively flat compared to 2016.
