By Brian “Newman” Rayl
After 2 years on the job, Crocs (NASDAQ:CROX) CFO Russell Hammer has announced his resignation effective December 31st in order to take the CFO position at another public company, whose name was not disclosed. The company PR said that a search for a successor has already began.
Hammer was hired on at Crocs, Inc. as the CFO, Senior Vice President of Finance, and treasurer in 2008 after spending 28 years at Motorola (NYSE:MOT).
I want to thank Russ for his many contributions and wish him well in his new role and location closer to his family. Looking forward, we are excited about both our near- and long-term growth prospects and I am very confident that the financial team we have in place is up to the task of managing the CFO responsibilities until a successor is found.
– Crocs President and CEO John McCarvel
Hammer sold about 40% of his Crocs stock holdings, or just over 40,000 shares, on Monday December 20th before his resignation was announced. His timing was impeccable. On Monday, Hammer exercised 24,888 option shares at prices ranging from $1.14 to $10.03 per share and then completed an “automatic Sale” at $18.82. Wednesday’s closing price was $17.70, saving Hammer $1.12 per share. According to EDGAR Online information, Hammer still owns 86,890 shares of CROX.
Disclosure: No position in any company mentioned in this article.