Wolverine Worldwide Announces CFO Transition

Wolverine Worldwide Announces CFO Transition

Wolverine Worldwide appointed Michael D. Stornant as senior vice president, chief financial officer and treasurer, effective June 12. He will succeed Donald T. Grimes, who has resigned his position to become executive vice president, chief operating officer and chief financial officer for the Neiman Marcus Group, a privately held luxury retailer, owned by Ares Management and Canada Pension Plan Investment Board.

Stornant, 49, is a 19-year veteran of the company and most recently served as Vice President of Corporate Finance, with global responsibility for the company’s corporate accounting, financial planning, tax and credit functions. Stornant has held numerous and increasingly significant operations and financial roles within the Company over the past two decades, including Vice President and General Manager of the Bates brand, Senior Vice President of Finance and Administration for the Global Operations Group, Vice President of Corporate Planning and Analysis, Senior Vice President of Manufacturing Operations, and Director of Internal Audit.  In his new role, Stornant will report directly to Blake W. Krueger, Wolverine’s Chairman, Chief Executive Officer and President, and serve as a member of the Company’s executive management team.

“Mike Stornant is uniquely suited to become Wolverine’s new Chief Financial Officer, and I could not be more pleased with this promotion.  Mike has a long and successful track record at the Company, and he possesses deep knowledge and expertise in virtually every financial and operational facet of our global business,” stated Mr. Krueger.  “Mike’s demonstrated leadership and dedication to Wolverine will be tremendous assets as he assumes this key leadership position for the Company.”

“I am extremely honored by this new opportunity,” commented Stornant.  “I have had the privilege of being associated with Wolverine Worldwide for nearly 20 years, and I am excited to help lead the global team as we work to build a family of the most admired performance and lifestyle brands on earth and endeavor to continue the Company’s outstanding record of success.”

Prior to Wolverine Worldwide, Stornant was a Certified Public Accountant with Ernst & Young.  Stornant holds a BS in Accounting from Grand Valley State University.

Commenting on Grimes’ departure, Krueger stated, “Don served Wolverine Worldwide extraordinarily well over the past seven years, and was a tremendous partner to me and the Company through a time of great transformation.  I wish Don nothing but the best as he pursues this new opportunity and want to personally thank him for his many contributions to Wolverine.”

Wolverine’s portfolio of highly recognized brands includes: Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Sebago®, Cushe®, Chaco®, Bates®, HYTEST®, and Soft Style®.