Brooks CEO Jim Webb resigns | Wilnesh News

Longtime CEO Berkshire Hathaway Brooks Running will announce Tuesday that Jim Weber is stepping down after more than 20 years as chief executive.

Brooks veteran Dan Sheridan, who started in marketing roles at the operating company in 1998 and was promoted to chief operating officer and president, will take over on April 26.

Weber brought Brooks back from the brink of bankruptcy and built it into a brand worth more than $1 billion through four different owners. Weber told CNBC he was sad to resign and leave what he called “the best job in the world.” But after recovering from cancer a few years ago, he said he was looking to “come back” and find more balance in his life.

“I’m very proud of what we’ve accomplished,” Weber said. “I’ve been CEO for 23 years, and if you add two years as a board member, that’s 25 years, so I’ve done a great job.” in an interview. “Our company has accomplished a lot and has incredible future opportunities. We have great momentum now.”

Sheridan is inheriting what he calls a booming business. Over the past few years, Weber has taken a larger role in building the company as he prepared for his takeover.

Last year, Brooks sales reached US$1.2 billion, with global growth exceeding 5%. Much of that growth has come from North America, which accounts for about 80% of the company’s total revenue.

Looking ahead, Sheridan is eyeing global expansion and expanding Brooks’ product offerings. Sheridan said that includes plans to open the first Brooks Running store in China, an “absolute growth market” for the brand. The company also plans to expand direct sales in the United States and develop wholesale partnerships in Europe, he said.

“I’m lucky because not a lot of new CEOs are able to step in and inherit what I call a sound business, a sound culture and a sound brand, and the strengths that we have are very unique,” Sheridan said. “So I didn’t turn around. situation, I don’t need to step in and make sweeping changes.”

Shortly after Brooks Running became an independent subsidiary of Berkshire Hathaway in 2012, Weber and his team were asked to begin succession planning. Weber said they began to “formalize” and “professionalize” the process that ultimately led to Sheridan’s appointment.

“Buffett asks every CEO for a letter every year. In the letter, you have to say who your successor is, and he won’t open the letter unless he has to,” Weber said. “So we did that…and we started getting serious about succession planning.”

As Sheridan was promoted from sales manager to executive vice president of global sales, his “insatiable” thirst, curiosity and ambition to learn more about the company attracted Weber, the outgoing CEO said. of attention.

He viewed Sheridan as a man who aspired to lead at a higher level. Weber has spent the past five years giving his current successor exposure to different parts of the company, covering all aspects of corporate functions from strategy and marketing to legal and finance. Over the past two years, as it became clearer that Sheridan would succeed Webb, the incoming chief executive was able to take his turn at the helm and implement strategy.

“His footprint has been woven into our strategy over the past 24 months,” Weber said.

Weber said that while Sheridan has been exposed to all aspects of the company’s business and is “ready” for the top job, his biggest challenge is yet to come. Performance running shoes are a bright spot in a stressed footwear market, but Sheridan will have to contend with economic uncertainty, supply chain disruptions, fierce competition and the changing minds of its target consumers.

“I think the thing I learned the most while working with Jim was that judgment is paramount for any leader in these very difficult roles,” Sheridan said. “Judgment is something you gain through experience, but it’s also something you gain through thoughtful listening by the team around you. So I’m developing my judgment for the future…that’s something Jim ingrained in me. something and help me adjust it.”