Dive Brief:
- Rothy’s is ushering in new leadership as the year kicks off. Co-founders Stephen Hawthornthwaite and Roth Martin are stepping down from their roles as CEO and president, respectively.
- Jenny Ming, current board member, has been appointed CEO, while Dayna Quanbeck, the brand’s chief financial officer and chief operating officer, has expanded her role to also include president, according to a Tuesday announcement.
- Hawthornthwaite will transition to chair of the board and Martin will become chief creative and innovation officer.
Dive Insight:
Rothy’s is starting 2024 with a leadership transition, ushering in a seasoned retail veteran to lead the brand.
Ming, who was appointed to the DTC footwear brand’s board in 2022, comes with over 30 years of retail experience. She started working at Gap, Inc. in 1986 and eventually became president and one of the founding members of Old Navy. Ming has also served as president and CEO at Charlotte Russe. In addition to serving on Rothy’s board, Ming has served on the boards of Poshmark, Levi Strauss & Co., Affirm, Kendra Scott and Kaiser Foundation Health Plan & Hospitals.
Quanbeck joined Rothy’s in 2019 as its chief financial officer. She became a board member in 2022 and expanded her role to also include chief operating officer duties in November 2022. Prior to joining Rothy’s, Quanbeck served as CFO and vice president of finance at Charlotte Russe. Quanbeck will continue to manage the brand’s finance, logistics, data analytics, retail, international and technology divisions.
"Building Rothy's has been the experience of a lifetime for Roth and me," Hawthornthwaite said in a statement. "After years spent laying the foundation for long-term profitable growth, we can confidently say that now is the right moment to empower our talented team to take Rothy's into the future. Jenny is a seasoned operator with an exceptional track record in scaling global retail businesses. Coupled with Dayna's deep knowledge of our business, having the two lead the next chapter at Rothy's is a major win for our company, customers and team."
Ming and Quanbeck’s appointments complement the Rothy’s female-led executive team, which also includes Chief Product and Merchandising Officer Heather Archibald, Chief Marketing Officer Jamie Gersch, Chief Supply Chain Officer Heather Howard, Chief Legal Officer and Corporate Secretary Marie Satterfield and Senior Vice President of People Michelle Velasquez Pulido, the company said in its announcement.
The executive shakeup also follows an investment from Brazilian footwear company Alpargatas in late 2021. Alpargatas at the time said it would acquire a 49.9% stake in Rothy’s. The deal, which included a $200 million Alpargatas investment in primary capital and the acquisition of about $275 million in Rothy’s shares, resulted in a post-investment valuation of $1 billion for Rothy’s.
The footwear brand last year expanded its international presence to serve 19 markets and opened three new stores. The brand plans to open 10 additional stores this year, while also growing its wholesale presence and expanding globally.
