A Fresh Take:
- 2024 kicks off with a change in the helm at Rothy's as co-founders Stephen Hawthornthwaite and Roth Martin step down from their roles as CEO and president, respectively.
- Jenny Ming, a seasoned retail veteran who joined Rothy's board in 2022, takes over as CEO, while Dayna Quanbeck, the brand's chief financial officer and chief operating officer, assumes the role of President as well. Hawthornthwaite moves to chair of the board, and Martin becomes Chief Creative and Innovation Officer.
- Ming, who boasts over 30 years of retail experience, has served as a board member for companies like Poshmark, Levi Strauss & Co., Affirm, Kendra Scott, and Kaiser Foundation Health Plan & Hospitals, in addition to her role at Rothy's.
- Quanbeck, who first joined Rothy's as CFO in 2019 and became a board member in 2022, expands her duties to include the management of finance, logistics, data analytics, retail, international, and technology divisions. Prior to Rothy's, Quanbeck served as CFO and vice president of finance at Charlotte Russe.
- In a statement, Hawthornthwaite expressed his confidence in Ming and Quanbeck, stating that the duo is well-equipped to lead Rothy's into a prosperous future. The appointments align with Rothy's female-led executive team, which includes multiple key players like Heather Archibald, Jamie Gersch, Heather Howard, Marie Satterfield, and Michelle Velasquez Pulido.
- The executive shuffle comes on the heels of an investment from Brazilian footwear company Alpargatas in late 2021, which secured a 49.9% stake in Rothy's. The deal, worth $200 million in primary capital and the acquisition of about $275 million in Rothy's shares, valued the brand at $1 billion.
- Rothy's, known for its eco-friendly footwear, recently expanded its international footprint to serve 19 markets and opened three new stores, with plans to open 10 more this year. The brand intends to grow its wholesale presence and expand globally.
Behind the Curtain:
- Jenny Ming's extensive background in retail leadership and corporate governance positions her well to tackle Rothy's growth opportunities.
- Ming's roles as a board member at Kaiser Permanente, where she oversees healthcare operations, give her unique insights into the intersection of corporate accountability and consumer-facing businesses.
- Ming's past experiences, such as leading a clothing company under scrutiny for labor concerns, may contribute to her approach at Rothy's—a sustainability-focused footwear brand.
- Given the heightened focus on corporate ethics and activism, Ming's appointments at Rothy's may spark discussions on labor relations and brand identity. Balancing the brand's eco-friendly image with operational growth while maintaining ethical labor practices presents challenges that Ming must navigate.
- As an AAPI trailblazer, Ming's leadership takes on added significance during periods of organizational and industry transformation. Her history of driving growth amidst complex stakeholder landscapes makes her an intriguing choice for leading Rothy's forward.
- The change in leadership at Rothy's in 2024, with Jenny Ming as the new CEO, signals a shift towards scaling the business, particularly in the retail and finance industry.
- Ming's experience as a board member for healthcare companies like Kaiser Foundation Health Plan & Hospitals could prove valuable in navigating the intersection of corporate ethics, consumer-facing businesses, and health-focused AI technologies.
- Quanbeck, with her skills in managing logistics, data analytics, and technology divisions, will play a crucial role in Rothy's growth strategy, including its planned expansion in the finance markets.
- As a seasoned retail leader, Ming's focus on sustainability and eco-friendly products may align with AI-driven technology solutions aimed at reducing waste and improving efficiency in the footwear industry.
- With the recent investment from Brazilian footwear company Alpargatas and a $1 billion valuation, Rothy's is poised for growth in business markets, both domestically and internationally.
- Given the ongoing discussions about corporate responsibility and brand identity, Ming's approach to handling labor relations and maintaining ethical practices will be closely watched by both investors and consumers.
- The appointments of Ming and Quanbeck signal Rothy's commitment to female leadership in the business world, following the example of key players like Heather Archibald, Jamie Gersch, Heather Howard, Marie Satterfield, and Michelle Velasquez Pulido.
- In the face of global competition in the footwear industry, Rothy's will need to continue prioritizing innovation and technology, such as AI-driven design and manufacturing, to maintain its position in the market.
Rothy's appoints a new chief executive officer
