Wolverine Worldwide has appointed Christopher E Hufnagel as its new president and CEO, effective immediately.

Hufnagel joined Wolverine Worldwide in 2008 and has served in leadership roles across the organization. 

He was appointed as president of Wolverine in May and was previously president of the company’s Active Group responsible for Merrell, Saucony, Chaco, the Kids Group, and Global Licensing.

The company has reported a 17.4 per cent decrease in total revenue for the second quarter ended July 1.

Gross margin was 38.7 per cent compared to 43 per cent in the prior year, reflecting the sale of higher-cost inventory, acceleration of end-of-life inventory liquidation, and increased promotions. 

Given the challenging trading environment, the company has reduced its full-year outlook, with revenue expected to be between $2.26 billion and $2.28 billion, a decline of 10.7 to 10.0 per cent versus the prior year.

“I would like to express my appreciation to our chairman, Tom Long and the entire board of directors for their confidence in me. I’m truly honored to be the company’s next CEO,” said Hufnagel.

“Our second half outlook, as reflected in our updated annual guidance, is disappointing but we are confident that the work we are undertaking will drive significant profit improvement in 2024 and quickly set a strong growth foundation for the company.”

Founded in 1883, Wolverine Worldwide is a marketer and licensor of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. 

The Company’s portfolio includes Merrell, Saucony, Sweaty Betty, Sperry, Hush Puppies, Wolverine, Chaco, Bates, Hytest, and Stride Rite.