Longtime Wolverine Worldwide Exec Tom Kennedy Retires, Justin Cupps Named President of Work Group

Core Insights - Tom Kennedy, a longtime executive at Wolverine Worldwide, has retired after 10 years with the company, having served in various leadership roles since 2015 [1][2] - Justin Cupps has been appointed as the new president of Wolverine Worldwide's Work Group, overseeing several brands including Wolverine, Bates, and Merrell Work [3][4] - Wolverine Worldwide reported a 6.8% increase in total revenue for Q3 2025, reaching $470.3 million, compared to $440.2 million in the same period last year [6] Leadership Changes - Tom Kennedy retired in October 2023, having most recently served as president of the Work Group and held key roles including global president of Sperry [1][2] - Justin Cupps brings nearly 30 years of experience from brands like Under Armour and Adidas, and previously led a $1.25 billion portfolio at EssilorLuxottica [5][6] - CEO Chris Hufnagel expressed confidence in Cupps' ability to drive growth and innovation within the Work Group [4][10] Financial Performance - Wolverine Worldwide's Q3 2025 net earnings were $25.1 million, an increase from $23.2 million in the same period last year, with diluted earnings per share rising to 30 cents from 28 cents [7] - Saucony and Merrell brands showed significant growth, with Saucony's net sales increasing by 27.0% to $133.1 million and Merrell's by 5.1% to $167.3 million [7] - The Wolverine brand experienced an 8.2% decline in net sales to $45.3 million, and Sweaty Betty saw a 3.9% decline to $44.5 million [8] Strategic Outlook - CEO Hufnagel acknowledged the challenges faced by the Wolverine brand and the Work Group, indicating that progress has not met expectations [8][9] - Cupps' appointment is seen as a strategic move to accelerate necessary changes and strengthen the product pipeline, focusing on market segmentation and premium offerings [10][11] - The company aims to return to steady growth by addressing identified challenges and leveraging a proven playbook [9][10]