Shoe and outerwear firm Timberland said its COO Ken Pucker and CFO Brian McKeon are to leave the company as it also reported a fall in quarterly profit.
Pucker will leave on 31 March. President and CEO Jeffrey Swartz said of Ken: “He has helped me position Timberland for long-term success in many ways. Whatever Ken decides to take on next in his life, I know he will do it well, with passion and purpose; I wish him every success.”
McKeon, who is leaving to be the CFO of Iron Mountain Incorporated, will stay on at Timberland throughout the first quarter to help with the transition. McKeon has served “effectively and powerfully as CFO for seven years,” said Swartz.
Timberland said its fourth-quarter net income was US$38.3m compared to $46.9m in the same period last year.
Revenue rose 4.9% as declines in boots and children’s sales were offset by gains in new brands.
For the full-year 2006, net income was $106.4m compared to full-year 2005 net income of $164.6m.
The company blamed the poor income results on spending for growth, including international expansion.
Swartz said: “2006 was an eventful year for Timberland. We continued to expand our brand portfolio through the successful addition of businesses such as SmartWool and made solid progress in developing our relationship with consumers across casual, outdoor and industrial usage occasions.
“We also managed significant pressures in our boots and kids’ business in the face of evolving fashion trends and unseasonable selling conditions.”
But he admitted the company needed to take “aggressive steps” to better serve customers and boost its performance.
For 2007, the company is targeting solid growth across its casual, outdoor and industrial categories.