29 Jan Toms Appoints Magnus Wedhammar CEO
Toms Shoes LLC has appointed Magnus Wedhammar, former GM of Sanuk, as CEO.
Wedhammar was VP and GM at Sanuk from July 2016 to December 2019. He served as VP of product at Sperry from September 2014 to June 2016. He worked at Converse from 2006 to 2016 with his last position being VP, Converse All-Star.
In late December, reports surfaced that Toms was being taken over by its creditors from Founder Blake Mycoskie and private equity firm Bain Capital as part of a debt exchange.
The creditors, led by Jefferies Financial Group, Nexus Capital Management LP and Brookfield Asset Management, will invest $35 million in Toms, according to a letter from lenders attained by Reuters.
“Combined with an enhanced capital structure, this funding will enable Toms to further invest in our promising growth areas and continue our commitment to giving, which have been initiated and supported by Bain Capital and Blake over the past five years,” Toms CEO Jim Alling wrote.
Credit rating agencies had warned that Toms would be unable to repay a $300 million loan due in 2020 without renegotiating its debt.