Two senior Dr Martens execs to leave
Following its maiden set of results as a listed company this week, news has emerged that two senior executives are leaving Dr Martens.
The report of their impending departure comes five months after the company’s IPO saw them making millions, The Times reported.
It said Darren Campbell, who’s chief product and marketing officer, and Sean O’Neill, the chief digital officer, are to leave this year and have cashed in £12.3 million and £8.3 million worth of shares, respectively, in the stock market listing that happened back in January.
There was little detail available around their departure dates and plans to replace them, but their roles are clearly pivotal at the company so we would expect CEO Kenny Wilson to have replacements in place by the time they go, or at least shortly after.
Dr Martens is riding high at the moment. Although it reported lower profits this week for its latest year, this was due to high expenses linked to the IPO. Part of that was the company handing staff a bonus of £49.1 million in total.
With one-off costs excluded, the firm’s profit rise would have easily matched the sales rise that was seen even during a pandemic year that saw footwear in general struggling globally.
Meanwhile, Dr Martens has also updated its eco policies with a commitment to use sustainable materials for all footwear by 2040. The company already makes ‘vegan’ boots, but the plasticised elements used for these means they come with eco issues.
The Times quoted Wilson saying that the firm has met with bio-materials makers but that such materials don’t yet have “the level of durability that is expected from our boots. They are not there yet, but we are exploring technology that will get us there.”
His comments underlined the problems companies face in trying to make more leather products in non-plastic vegan leathers. Earlier this week, Stella McCartney also said that the challenge for her with plant-based leathers has been less about durability and more about softness and comfort.
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