Jay Schmidt will become Caleres’ chief executive early next year, while Diane Sullivan will serve as executive chairman. Credit: Richard Nichols
Diane Sullivan, who has spent more than a decade growing Caleres Inc. tremendously, is taking on a new role at the company.
The chairman and CEO, one of the highest-ranking women in the industry, will become executive chairman on January 15, 2023, as Jay Schmidt takes over as CEO. The move is the culmination of a planned succession process.
Sullivan, who recently led the St. Louis-based company to its best first-quarter performance ever, has been CEO since 2011. She joined the company in 2004 as president of the then Brown Shoe Company and was quickly promoted to chief operating officer. Years later. The executive, a multiple recipient of the FN Person of the Year Award and a champion of gender quality on the board, achieved equality at Caleres.
Schmidt took office in 2009 and was named president in 2020. At the time, he was responsible for consumer and brand strategy for all of its footwear brands, including Famous Footwear, Naturalizer, Sam Edelman, Vionic and Dr. Shure’s.
“Diane transformed Caleres from a company selling shoes to one that builds brands and connects with consumers, while significantly transforming the company’s financial performance,” Ward Klein, Caleres’ lead independent director, said in a statement. Cleverly developed the company’s portfolio – led the acquisition and incubation of numerous brands including Sam Edelman, Allen Edmonds and Vionic, all three of which are now key assets of the company. Notably, the company’s Earnings per share have grown steadily six-fold during Diane’s tenure as CEO.”
For her part, Sullivan said she was looking forward to her new role with the board and was “very confident” that Schmidt was the ideal candidate to succeed her. “He’s a consummate businessman who has been instrumental in the growth and success of the company’s brand portfolio,” Sullivan said. “He has built an impressive track record of operational and financial achievement during his tenure. His deep understanding of our industry, extensive knowledge of our company and his ability to translate ambition into action will be invaluable in accelerating improvement results of.”
Schmidt said he is ready to build on the solid foundation Sullivan has built. “I am fortunate to have the privilege of working with Diane as we chart a strategic course for continued success. I look forward to working with the entire Caleres team as we leverage our strong brand portfolio and our deep understanding of consumers to drive our key strategies The plan is to make further progress and deliver exceptional value to all of our stakeholders.”
