As was announced yesterday, footwear brand Crocs has appointed Gregg Ribatt new CEO of Crocs, Inc. He is expected to assume this role in late January 2015.

Ribatt was added to Crocs’ board of directors in January 2014 after closing a $200 million investment from a fund affiliated with Blackstone. As a condition to the investment, Blackstone was entitled to nominate two out of eight seats on the Crocs board of directors which resulted in Crocs removing two of its own members and accepting two Blackstone nominees, one of them being Gregg Ribatt.

Ribatt held a variation of leading positions in fashion and footwear companies during the past 20 years including interim CEO of Spanx, president and CEO of Collective Brands’ Performance & Lifestyle Group (Saucony, Sperry Top-Sider, Keds etc.) as well as president, CEO and member of the board of directors at Stuart Weitzman.

He will be based in Crocs' new Global Commercial Center in suburban Boston, while also spending time at Crocs' offices in Niwot, Colorado.

"Since Gregg joined our board of directors in January 2014, he has contributed to the Board's efforts to conceptualize the Crocs of the future. We believe the transformation of Crocs will accelerate under his leadership", said Thomas J. Smach, Crocs chairman of the board.

Ribatt succeeds Andrew Rees who has served as Crocs’ interim CEO since he joined the company as new president in June 2014. Crocs’ former CEO, John McCarvel retired from his position on April 30, 2014. Andrew Rees will continue in his role as president and will report to Ribatt when he assumes his CEO role in late January. In addition to being CEO, Ribatt will continue to serve on the Crocs board of directors.