Dr. Martens appoints US retail veteran, Permira partner as non-exec directors

(Sharecast News) - Dr. Martens said on Wednesday that it has appointed US retail veteran Robert Hanson and Permira partner Benoit Vauchy as non-executive directors with effect from 26 March. The iconic bootmaker said Hanson is an experienced executive with a strong track record of delivering growth at consumer brands. He was chief executive of John Hardy and American Eagle Outfitters and also served as EVP wines and spirits for Constellation Brands.

Prior to that, he served for over a decade in senior roles at Levi Strauss & Co, including as president of the Americas division and, latterly, as global brand president, Americas.

"Robert brings a broad, multidisciplinary skillset and significant experience of the North American market combined with global expertise," the company said.

His prior non-executive experience includes positions on the boards of Canopy Growth, Urban Outfitters and Constellation Brands. He was also recently appointed as CEO of US wine company The Duckhorn Portfolio.

Vauchy, meanwhile, is a partner at the company's largest investor, global investment firm Permira, where he is a member of the investment and executive committees.

He has served on the board of Spanish online travel company eDreams ODIGEO as a non-executive director for a decade, during which time the business has undergone a significant period of transformation.

He also serves on the board of Permira Holdings Limited and has previously served on the boards of Universidad Europea, VacanceSelect and Exclusive Networks.

He has worked at Permira since 2006, and previously spent six years at JPMorgan in London and Frankfurt.

Chairman Paul Mason said: "We are pleased to announce these appointments today. The expertise and experiences of both Robert and Benoit further strengthens our board.

"Robert has significant USA and wholesale experience and is a proven consumer brand CEO. Benoit is an experienced financial leader and his appointment to the board demonstrates Permira's commitment to Dr. Martens.

"I am looking forward to working with them both, together with the existing board, as we enter the next phase in the company's history, under the talented leadership of Ije and Giles."

At 0955 GMT, the shares were up 1% at 72p.

Russ Mould, investment director at AJ Bell, said: "The appointment of non-executives wouldn't normally catch the market's attention but investors have sat up and taken notice of developments at Dr Martens. Hot on the heels of Ije Nwokorie joining as chief executive, two more new faces are joining the board.

"Dr Martens has struggled in the US in recent years so it makes sense to appoint someone who knows the country's retail sector inside out. Robert Hanson comes with considerable experience at US brands and will be able to offer advice on how best to get Dr Martens back on track Stateside.

"Shareholders' patience has worn thin given the miserable share price performance since IPO. Dr Martens came to market as a private equity-backed business - normally in this situation, the private equity investor would use the IPO as an exit route to sell down the holding over a period of time.

"This scenario didn't work out as planned for Permira as it would have banked on strong demand for Dr Martens' shares so it could have easily offloaded blocks of stock post-IPO. Instead, Dr Martens' shares have steadily fallen and Permira is still left holding a 38.36% stake. It's no wonder the private equity group has put another one of its representatives on the boot maker's board.

"Benoit Vauchy will be able to use his board seat to keep a close eye on the company's turnaround efforts and make sure the new CEO is not dithering with implementing change. He joins fellow Permira representative Tara Alhadeff who has been on the board since 2015."