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Sweaty Betty has revealed that chief executive Julia Straus and chief operating officer Mark Smith will be stepping down from their roles after the completion of the sportswear brand’s takeover by a new owner, according to Drapers.
The news comes as the company was acquired by US lifestyle footwear group Wolverine Worldwide for $410m (£295m) in August 2021.
Straus and Smith are due to step down from the business this summer as a search for their successors at the brand is already underway.
Strauss was appointed CEO of Sweaty Betty in June 2019, having previously been CEO of skincare brand Tula for three years. Meanwhile, Smith was made COO in September 2018 due to previous experience as the managing director and finance director oF Vietnamese restaurant Pho.
A statement from Sweaty Betty told Drapers: “Sweaty Betty confirms that after five years at Sweaty Betty, and growing the business threefold, CEO Julia Straus has taken the tough decision to leave the company to enable her to move back to the United States with her husband later this year and raise their daughters closer to family.
“Julia will continue in the role until June, playing a key part in selecting her successor, and will also be actively involved in the handover period beyond that to ensure a seamless transition period.”
The statement added: “COO Mark Smith has also decided that this year is the right time to leave Sweaty Betty to pursue new opportunities. Mark joined the business in 2011 and has overseen a retail expansion of the brand from 15 stores to 90 plus stores in that time, and a tenfold growth in revenue. Mark will also stay in position over the summer to oversee the interview process for his successor and an extremely smooth transition overall.”
