Dive Brief:
- Yeti, the brand known for its coolers and other outdoor products, has appointed Mike McMullen as its new chief financial officer, the company announced on Thursday. He will also take on the senior vice president and treasurer titles.
- McMullen has held the position on an interim basis since October. He first joined the company in 2016 as head of financial planning and analysis and was promoted to vice president of finance a year later, per the company announcement.
- The company credited McMullen as a critical part of its 2018 IPO and highlighted his two decades of experience in financial planning and analysis, treasury management and strategic planning for omnichannel tech and consumer product companies.
Dive Insight:
Paul Carbone, Yeti’s former CFO, exited the company last September and joined SharkNinja as CFO in November. In a statement, McMullen said he wants to use his new role to grow the company and increase long-term value for its investors.
“Mike’s depth of financial expertise and business insight coupled with his extensive knowledge of Yeti made an immediate and positive impact as he seamlessly took on the role of interim CFO late last year,” Matt Reintjes, president and CEO at YETI, said in a statement. “On behalf of the Board of Directors and our team, I am pleased to officially welcome him as our chief financial officer and am confident he will continue to be a strong leader for the company.”
The permanent appointment of McMullen as CFO follows “stronger than expected” growth in its most recent quarter. In the third quarter, Yeti reported sales increased 20% to $433.6 million. By channel, sales from the DTC channel increased 15% to $227.4 million, while wholesale grew 25% to $206.2 million. However, Yeti’s net income fell 14% to $45.5 million, while operating income decreased 6% to $170.1 million.
As Yeti’s CFO transitions into the role permanently, other retailers have shuffled around their chief financial officers or appointed new ones amid turnover.
The DTC luggage brand Away asked its CFO to become its new president in November, and ASOS named Sean Glithero as its interim CFO this month as the clothing retailer searches for a permanent replacement. And last March, DTC bedding brand Parachute named Jeff Barker as its first CFO, bringing prior experience from TaylorMade Golf Company and JLab Audio. In May, Solo Brands hired Somer Webb as its new chief financial officer, who previously served at companies like Worldwide Express, DaVita, Match Group and Amazon.
