Stifel Comments On Crocs Following New CEO Announcement

on Monday announced the appointment of Gregg Ribatt as its new CEO, effective at the end of January. "We are pleased with the appointment of Gregg Ribatt as CEO," Stifel analyst Jim Duffy wrote in a note to clients. "Ribatt is largely credit with Sperry's emergence as a lifestyle brand and significant growth prior to its acquisition by

." The analyst maintained a Buy rating and $19 price target. Duffy does note that the appointment was “generally anticipated” following his appointment to the Board of Directors last year along with an expiring non-compete clause with Wolverine. The analyst adds that Ribatt's expertise is in products and operations, which will bode well and complement the company's current management team. Duffy isn't anticipating a change in strategy at the company and expects continued execution of the current strategic performance improvement plan. As such, the analyst expects the company to execute on its strategic initiatives to generate long-term shareholder value.