New TOMS CEO Named
Former Sanuk GM Magnus Wedhammar has been named CEO of TOMS, SES has learned.
An experienced footwear executive and avid surfer who specializes in product, Magnus, has worked at brands such as Sperry Top-Sider, Converse and Nike.
We reached out to TOMS, which sent us the following statement.
“Magnus Wedhammar, who most recently was a senior executive at footwear brand Sanuk, has joined TOMS as CEO. Magnus brings over 25 years of experience in the footwear, apparel, and accessories industry both in the U.S. and European markets. His leadership moving forward will help us position the company for sustained growth while fulfilling the TOMS mission of using business to improve lives.”
TOMS recently went through a change in ownership as part of a restructuring deal, with Jeffries Financial Group, Nexus Capital Management and Brookfield Asset Management taking control of the company from private equity firm Bain Capital and Founder Blake Mycoskie.
TOMS had been urgently working to turn around with a looming $300 million debt payment due in 2020.
The new owners have committed to investing $35 million in growth areas at TOMS as part of the arrangement, in addition to restructuring Toms’ debt.
Magnus, a friend of SES, replaces former CEO Jim Alling, who led TOMS for nearly five years and came from T-Mobile and Starbucks.
Alling is also a friend of SES and was amazing to work with over the years and we wish him the very best for the future.