Crocs (CROX) COO Crutchfield Departure a 'Positive', Sterne Agee CRT Says

Sterne Agee CRT analyst Sam Poser weighed in on Crocs (NASDAQ: CROX) amid news COO Scott Crutchfield is leaving Crocs as the position is eliminated.

Poser commented, "Mr. Crutchfield's upcoming departure is a step in the right direction for CROX. Aside from current Chairman Thomas Smach, Mr. Crutchfield is the last of the remaining original Flextronix (FLEX-$11.89-NR) guys that took CROX public in 2006. Past CEOs Ron Snyder and John McCarvel were both from FLEX as well, and did not understand the fashion elements of the Crocs business. On the other hand, John Duerden, who was CEO in 2009, vastly improved CROX until he was unceremoniously dismissed and replaced by Mr. McCarvel. As the last of the Flextronic guys leave, it makes us confident that Gregg Ribbatt, the new CEO, is taking the appropriate actions to turn the company around. CROX announces 1Q15 earnings on Friday, May 8th BMO."

The firm maintained its Buy rating and price target of $16.00

For an analyst ratings summary and ratings history on Crocs click here. For more ratings news on Crocs click here.

Shares of Crocs closed at $13.35 yesterday.

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