Deckers Brands announces chief executive succession plan
Ugg owner Deckers Brands has announced that its chief executive Dave Powers has decided to retire on 1 August.
However, he is expected to continue serving as a member of the footwear company’s board until the 2025 annual meeting of stockholders.
Mike Devine, chairman of the Deckers board, said: “Dave has fostered each of our brands so that they have become consumer favourites, capitalizing on market trends and dramatically increasing shareholder value throughout his tenure.
“On behalf of the entire board and management team, I thank Dave for his outstanding leadership over the last decade and wish him the best in his retirement. We look forward to continuing to benefit from Dave’s insights as CEO in the coming months, and then as a director.”
Powers will be succeeded in his role by Stefano Caroti who is currently the company’s chief commercial officer.
Deckers said the appointment follows a thorough succession planning process conducted by the board with the assistance of an executive search firm. Caroti is expected to be nominated to serve as a member of the board at Deckers’ 2024 annual meeting of stockholders.
Devine added: “We are thrilled to name Stefano as our next President and CEO. Stefano has extensive industry experience and has seamlessly led our omnichannel, regional and HOKA brand operations during some of Deckers’ most pivotal years.
“He has been a key member of the executive team helping to craft and progress our consumer-focused strategy and inclusive, engaged culture. Stefano’s demonstrated success and passion for our values make him the clear choice to lead Deckers into the future.”
Caroti was appointed as chief commercial officer of Deckers in April 2023, after serving as the company’s president of omnichannel for nearly eight years and as interim president of HOKA.
Prior to that, he was the chief commercial officer and managing director at PUMA and held a number of senior executive positions at NIKE.
Deckers’ portfolio of brands includes UGG, HOKA, Teva, Sanuk and Koolaburra.