Crocs Inc. is in CFO-transition mode.
The firm said on Thursday that Patraic Reagan is its new CFO, taking over for Susan Healy, who submitted her resignation on Thursday. Reagan, 53, will join Crocs on Sept. 22 and will report directly to the company’s CEO Andrew Rees. He most recently served as CFO for SharkNinja Inc., and before that was at Nike Inc.
A regulatory filing with the Securities and Exchange Commission (SEC) noted that he held several leadership roles at Nike. Those roles include vice president and CFO for Asia Pacific and Latin America, from February 2022 to April 2024; vice president of global business planning from July 2020 to February 2022, and senior director of business planning in North America from March 2018 to June 2020.
“Patraic is a seasoned financial professional with a strong public profile and a track record of delivering consistent, profitable growth,” Rees said. “We believe his consumer-centric mindset, robust financial experience in the footwear industry and his international expertise will complement our leadership team in driving long-term shareholder value.”
“Crocs, Inc. is a company that I have long admired — one whose profitable growth has been built on an enduring cultural icon and one where I see untapped potential across both the Crocs and Hey Dude brands,” Reagan stated. “Drawing from my global experience of leading high-growth brands through disciplined execution, I look forward to working alongside the talented leadership team to unlock shareholder value and drive consistent results for years to come.”
Reagan’s responsibilities include oversight of the company’s financial strategies, as well as financial planning and analysis, accounting, treasury, investor relations, tax and internal audit.
The SEC filing included the terms of Reagan’s offer letter, which stated a base salary of $750,000 per year and eligibility to participate in Crocs’ annual bonus plan. He also can participate in the firm’s long-term incentive plan in 2026, and will receive a sign-on bonus of $800,000 that’s connected to certain conditions. Reagan also will receive a $3.5 million equity grant of time-based restricted stock units that will vest in five parts ranging from as early as six months from the start date and as far out as 36 months, also provided certain conditions are met.
Rees on Thursday also thanked Healy for her contributions. Healy will stay on as an advisor through Oct. 31, 2025, and be eligible for a payment of $25,000 on Sept. 5, 2025, and $50,000 on Oct. 3, 2025, subject to continued employment on each payment date.
As part of her separation agreement, Healy agreed to a 24-month non-compete term, along with a 24-month period of non-solicitation of Crocs’ employees. She also is entitled to a lump sum payment of $400,000, less certain amounts for taxes and withholdings, which is net of a required reimbursement to Crocs for funds spent on her relocation benefits. Healy was named executive vice president and CFO in May 2024 — succeeding former CFO Anne Mehlman when she was named president of the Crocs brand — and joined the company one month later.
The Crocs brand last month opened its new “Icon” store concept in New York’s SoHo neighborhood at 543 Broadway. Spanning the length of an entire city block, the store allows for immersive storytelling, hosting of shopping events to create experiential theater for the brand, and features two counters for Crocs’ Jibbitz™ charms to give customers a chance to personalize their purchases.
Earlier this month, the casual footwear firm posted solid second quarter earnings results, although it remained cautious on consumer spending on its Crocs and Hey Dude shoes due to the potential impact from tariffs.
And separately, also earlier this month, the company named Millie Bobby Brown as the Crocs’ brand’s new global ambassador.
