Crocs Appoints Former Nike Executive as New CFO

September 1, 2025 - Broomfield, Colorado

Crocs Inc. Names Industry Veteran Patraic Reagan to Top Financial Role as Company Navigates Market Challenges

Crocs Inc. (NASDAQ: CROX) today announced the appointment of Patraic Reagan as Executive Vice President and Chief Financial Officer, effective September 22, 2025. The move comes as the global footwear company seeks to strengthen its leadership team amid ongoing market challenges and a significant leadership transition.

Leadership Transition Brings Decades of Experience

Reagan, 53, brings nearly three decades of financial and operational leadership experience to the Colorado-based company. He most recently served as CFO of SharkNinja Inc., a global product design and technology company, and previously spent approximately 14 years at Nike Inc. in various senior roles.

During his tenure at Nike, Reagan held several key positions including Vice President and CFO of Asia Pacific and Latin America from 2022 to 2024, and Vice President of Global Business Planning from 2020 to 2022. His earlier career includes roles at Coach Inc. (now Tapestry Inc.), Ralph Lauren Corporation, Kraft Foods, and Chiquita Brands International.

“Crocs, Inc. is a company that I have long admired-one whose profitable growth has been built on an enduring cultural icon and one where I see untapped potential across both the Crocs and HeyDude brands,” Reagan said in a statement. “Drawing from my global experience of leading high-growth brands through disciplined execution, I look forward to working alongside the talented leadership team to unlock shareholder value and drive consistent results for years to come.”

Succession Plan Following Sudden Departure

Reagan will succeed Susan Healy, who resigned from her position as CFO on August 28, 2025, effective immediately. Healy will remain with the company as an advisor through October 31, 2025, to ensure a smooth transition.

The appointment comes at a critical time for Crocs, which reported mixed financial results in its recent second quarter earnings. While the company delivered better-than-expected earnings with adjusted diluted earnings per share of $4.23 versus forecasts of $4.02, the stock tumbled over 26% in pre-market trading following guidance concerns.

Market Response and Stock Performance

Crocs shares responded positively to the CFO appointment news, with the stock rising $3.46, or 4%, to $89.74 following the announcement. The company’s stock has faced significant headwinds this year, declining approximately 40% over the past 12 months while the broader market gained 16.8%.

The company currently trades at a market capitalization of approximately $4.76 billion, with analysts projecting potential upside based on the new leadership appointment and strategic positioning.

Reaffirmed Financial Outlook Despite Challenges

Alongside the CFO announcement, Crocs reaffirmed its third quarter 2025 financial outlook as previously disclosed on August 7, 2025. The company warned of a revenue decline of approximately 9% to 11% for the quarter, with adjusted operating margins expected to be in the range of 18% to 19%.

The cautious guidance reflects ongoing challenges including evolving global trade policies, tariff impacts, and consumer uncertainty. CEO Andrew Rees noted that tariffs are expected to create a negative impact of approximately 170 basis points on operating margins.

Strategic Vision Under New Leadership

CEO Andrew Rees expressed confidence in Reagan’s appointment, stating: “Patraic is a seasoned financial professional with a strong public profile and a track record of delivering consistent, profitable growth. We believe his consumer-centric mindset, robust financial experience in the footwear industry and his international expertise will complement our leadership team in driving long-term shareholder value”.

Reagan will oversee the company’s financial strategies, financial planning and analysis, accounting, treasury, investor relations, tax and internal audit functions. He will report directly to CEO Andrew Rees and join the executive leadership team.

Company Positioning for Future Growth

The appointment comes as Crocs continues to navigate a challenging retail environment while managing its dual-brand strategy with both the Crocs and HeyDude brands. The company has been implementing cost-saving measures, with $50 million in cost savings already actioned, and has been managing inventory receipts conservatively.

Despite near-term challenges, Crocs maintains strong fundamentals with robust cash flow generation and profitable operations. The company’s upcoming presentation at the Goldman Sachs 32nd Annual Global Retailing Conference on September 3, 2025, will provide further insights into the strategic direction under new financial leadership.

The appointment signals Crocs’ commitment to experienced leadership as it positions itself for long-term growth while managing current market volatility and operational challenges in the global footwear industry.