Brand chief Ije Nwokorie to take over as CEO from Kenny Wilson
FY24 results seen in line with expectations
FY25 results to be pressured by weak US market
Shares drop around 30 to record low

April 16 Reuters Dr Martens shares plunged around 30 on Tuesday to a record low after the British boot maker warned of another tough year in its key U.S. market, setting a challenge for its next chief executive.

The company, whose chunky laceup boots have been a fashion statement since the 1960s, named chief brand officer Ije Nwokorie as its next CEO.

Kenny Wilson, who has been at the helm for six years, has decided this year will be his last as CEO, Dr Martens said, although it did not give a precise date for the handover.

The company has been struggling with customer destocking and reduced orders in the United States from wholesale customers wary of economic pressures.

Its shares have been hammered in recent years by a series of profit warnings and disappointing results that prompted investor Marathon Partners to call for an immediate strategic review earlier this month.

They hit a record low of 65.50 pence in early Tuesday trade.

Dr Martens said its results for the year ended March 31, 2024, would be in line with market expectations, but flagged another difficult year ahead.

The FY25 outlook is challenging, and the whole organisation is focused on our action plan to reignite boots demand, particularly in the USA, our largest market, Wilson said.

The nature of USA…