Rob DeMartini, CEO of Boston-based global athletic leader New Balance Athletics, is to step down next month after leading the firm for 12 years.
DeMartini, who will depart the company on 31 December, oversaw global growth of the athletic brand from US$1.5bn in 2007 to $4.2bn in 2018. During that time, New Balance regained its leadership in the speciality running category, expanded international sales to 65% from 30%, and made significant strides in its apparel, retail and e-commerce business.
“New Balance is a very special company, built on the values of teamwork, integrity and total customer satisfaction established by Jim and Anne Davis,” says DeMartini. “It has truly been a privilege to add to the foundation our ownership established.”
DeMartini will be succeeded by New Balance veteran Joe Preston, who currently serves as chief commercial officer and joined the company in 1995.
“We have an incredible team of associates and partners around the globe and together we will drive even greater speed, agility and innovation in this modern age of retail and continue to build this iconic brand while strengthening our purpose-driven culture,” Preston adds.
New Balance employs more than 8,000 associates around the globe, and in 2017 reported worldwide sales of $4bn. It owns five factories in New England and one in Flimby in the UK.