Parent company of Ugg names new CEO as Q3 sales rise 16%
Deckers Brands has appointed a veteran footwear retailer as its next chief executive.
The parent company of Ugg, Hoka, Teva, Sanuk and other brands said that Dave Powers will retire as president and CEO, effective Aug. 1. He will be succeeded by Stefano Caroti, who currently serves as Deckers’ chief commercial officer (CCO).
Deckers made the announcement on the heels of its strongest quarter to date. The company’s third-quarter net sales rose 16% to a record $1.560 billion, with direct-to-consumer sales up 22.7% to $858.1 million. Ugg’s net sales increased 15.2% to $1.072 billion.
Caroti joined Deckers in 2015. He was appointed CCO in April 2023, after serving as the company's president of omni-channel and as interim president of Hoka.
Prior to joining Deckers, Caroti spent six years at Puma, where he was the chief commercial officer and managing director. Prior to that, he spent 14 years at Nike, where he held a number of senior executive positions, including VP of EMEA commerce, VP of EMEA footwear and general manager for Germany and Italy.
“Stefano [Caroti] has extensive industry experience and has seamlessly led our omni-channel, regional and HOKA brand operations during some of Deckers' most pivotal years,” said Deckers chairman Mike Devine. “He has been a key member of the executive team helping to craft and progress our consumer-focused strategy and inclusive, engaged culture. Stefano's demonstrated success and passion for our values make him the clear choice to lead Deckers into the future."
Powers, who joined Deckers as president of direct-to-consumer in 2012, was named CEO in 2016. After he retires in August, he is expected to continue serving as a Deckers board member through the company’s 2025 annual stockholders meeting.
"For more than a decade, Dave has played an instrumental role in building Deckers into the leader it is today," said Devine. “Dave has fostered each of our brands so that they have become consumer favorites, capitalizing on market trends and dramatically increasing shareholder value throughout his tenure. We look forward to continuing to benefit from Dave's insights as CEO in the coming months, and then as a director."
In a statement, Powers noted that since joining Deckers in 2012, the company has experienced explosive growth driven by incredible – and still increasing – brand heat across Ugg and Hoka.
“Our organization has proven to be incredibly resilient, and we have worked with agility to continuously achieve our goal of doing good and doing great,” he said. “I'm confident Deckers will continue to excel throughout this transition and into the future with Stefano at the helm.”
Deckers Brands products are sold in more than 50 countries and territories through select department and specialty stores, company-owned and operated retail stores, and select online stores, including company-owned websites.