US clothing and footwear business Wolverine Worldwide has promoted company veteran Michael Stornant as its finance chief as Donald Grimes steps down.

Stornant, currently vice president of corporate finance, will take up the role from 12 June.

He takes over from Grimes who has resigned to take up a role with luxury retailer the Neiman Marcus Group.

"Mike Stornant is uniquely suited to become Wolverine's new chief financial officer, and I could not be more pleased with this promotion," said CEO Blake Krueger. "Mike has a long and successful track record at the company, and he possesses deep knowledge and expertise in virtually every financial and operational facet of our global business. Mike's demonstrated leadership and dedication to Wolverine will be tremendous assets as he assumes this key leadership position for the company."