Dr. Martens Regulatory News (DOCS)

This announcement contains inside information.

16 April 2024

Dr. Martens plc

CEO succession

Dr. Martens plc ('the Company') announces that Kenny Wilson has decided that this will be his final year as Chief Executive Officer (CEO) of the Company. As part of an orderly succession plan, and following a thorough search process, the Board is delighted to announce that Ije Nwokorie, currently Chief Brand Officer (CBO), will succeed Kenny as CEO. Kenny and Ije will work together to ensure a smooth handover, with Ije becoming CEO before the end of the current financial year. Ije will remain as CBO in the meantime, with his focus being on the brand and driving demand ahead of the important AW24 season.

Paul Mason, Chair, said "Kenny's contribution to Dr. Martens has been immense. He has spear-headed a brand-first DTC-driven strategy, achieving significant growth, with pairs more than doubling during his tenure. With his focus on product, brand and custodianship he has instilled a strong culture through the organisation. I am grateful that he will ensure an orderly transition to Ije over the coming year, alongside our incoming CFO Giles Wilson."

Lynne Weedall, Senior Independent Director and Chair of the Nomination Committee, said "Ije is an inspirational leader and his experience in helping drive DTC-led growth at Apple will be highly relevant in the coming years. He knows the Company well, having been a Non-Executive Director for three years and we are already benefiting from his brand expertise since he joined as CBO in February. We are delighted that he will be the next CEO."

Kenny Wilson, CEO, said, "Dr. Martens is an incredible brand powered by our fantastic people. After six years in the role, I feel that the time is right to hand over this year, and I am excited that Ije will be my successor. I have enjoyed working with Ije, both as a Board member and in the executive leadership team in recent months, and I have seen his brand knowledge and passion first-hand. I look forward to working with him closely in the year ahead."

Ije Nwokorie, CBO, said, "I am thrilled that I will be the next CEO of Dr. Martens. We have a phenomenal brand, an excellent product range and a passionate culture. I am looking forward to working with Kenny through this transition year."

This announcement has been made in accordance with the requirements of 9.6.11 of the UK Listing Rules. The Company confirms that there is no further information required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Emily Reichwald, Company Secretary.

Notes to editors

Ije Nwokorie was a Non-Executive Director on the Board from January 2021 until early 2024, when he joined the business as Chief Brand Officer, with responsibility for product, marketing and strategy. Ije was previously at Apple Inc, where he was Senior Director, Apple Retail from January 2018. Prior to this he spent 11 years at global brand consultancy Wolff Olins, where he was latterly CEO, leading teams in offices in San Francisco, London, Dubai and New York. He is currently also Chair of non-profit organisation charity: water UK.

About Dr. Martens

Dr. Martens is an iconic British brand founded in 1960 in Northamptonshire. Produced originally for workers looking for tough, durable boots, the brand was quickly adopted by diverse youth subcultures and associated musical movements. Dr. Martens has since transcended its working-class roots while still celebrating its proud heritage and, six decades later, "Docs" or "DM's" are worn by people around the world who use them as a symbol of empowerment and their own individual attitude. The Company is a constituent of the FTSE 250 index.