Crocs Defies The Naysayers

Reports of the demise of Crocs Inc. CROX have proven to be premature — again. Four years ago, Crocs seemed doomed after George B. Boedecker, the footwear maker’s largest shareholder, resigned from the board the same week he was arrested for threatening to slit the throat of brother-in-law who was in the midst of a nasty divorce from his sister. (Charges were later dropped and the case was settled) At the same time, auditors found “material weaknesses” in the company’s financial statements. In 2009, the board replaced CEO Ronald Snyder, who presided over the boom and bust of Crocs with corporate turnaround expert John H. Duerden. Snyder, though, did not go away empty-handed. According to the Colorado company’s proxy, the 53-year-old was paid a $3.03 million “retirement package” Deurden, whose retirement at age 68 seems more plausible, was paid $2.23 million. His service ended in March when Chief Operating Officer Joel McCarvel took the job. Crocs now seems to be heading in the right direction. To read the rest, head over to 247WallStreet.com