Dr Martens has named its chief brand officer Ije Nwokorie as its next CEO as Kenny Wilson decided this year will be his final year as top boss, the British bootmaker said on Tuesday.
Nwokorie is of Nigerian descent. The company did not give a precise date for the handover.
Dr Martens shares plunged around 30% on Tuesday to a record low after the British boot maker warned of another tough year in its key U.S. market, setting a challenge for its next chief executive.
The company has been struggling with customer destocking and reduced orders in the United States from wholesale customers wary of economic pressures.
Disappointing results
Its shares have been hammered in recent years by a series of profit warnings and disappointing results that prompted investor Marathon Partners to call for an immediate strategic review earlier this month.
They hit a record low of 65.50 pence in early Tuesday trade.
Dr Martens said its results for the year ended March 31, 2024, would be in line with market expectations, but flagged another difficult year ahead.
The company, in a separate statement, said its fiscal 2024 results were expected to be in line with market expectations.
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