What the Major CEO Moves at Under Armour, Brooks and Allbirds Mean for a Recovering Shoe Industry in 2024
It’s only March, but it’s already been a whirlwind year for top executive shuffles.
In this past week alone, Brooks, Allbirds and Under Armour all announced CEOs departures and internal replacements for the roles. Since the start of the year, even more shoe companies — including Deckers Brands, Crocs and Fila — have announced major shifts at the CEO and brand president level.
The latest wave of CEO changes comes after a 2023 characterized by turnaround and reinvention across several shoe and retail brands. In some cases, companies sought out new leaders with a clear vision to lead them through an industry plagued with inflation, foreign exchange headwinds, an oversaturated North American athletic footwear market and cost-conscious consumers.
In 2024, many of these challenges have persisted. And the recent slew of shoe executive changes — all of which led to an internally promoted successor — suggest a deliberate and planned decision to bring new life into the top spot amid a turbulent environment for the industry.
For example, Jim Weber stepped aside as CEO of Brooks after 23 years in the role to make way for president and chief operating officer Dan Sheridan. At Deckers, chief commercial officer Stefano Caroti will take over as CEO in the wake of Dave Powers’ retirement in August. At, Allbirds, which has struggled more than Brooks or Deckers in 2023, co-founder and CEO Joey Zwillinger stepped down this week as chief operating officer Joe Vernachio ascended to the role amid a broader transformation plan at the company.
“The wheels of succession have been turning for some time,” explained Liza Amlani, principal and founder of consulting company Retail Strategy Group.
In the case of Stephanie Linnartz’s sudden departure from Under Armour after a year as CEO, it’s unclear how long Linnartz’ departure was in the works for, but her sudden exit came amid a broader reinvention of the brand.
According to managing director of GlobalData Neil Saunders, Linnartz’s replacement by founder Kevin Plank is “emblematic of a brand that can’t quite decide which direction it wants to go in.”
“Culturally, Under Armour is a very difficult company to lead,” Saunders said. “It still retains much of the DNA from its founding, and Kevin Plank has very distinct views about the brand and how the company should be run.”