(BRK.A), (BRK.B)
Berkshire Hathaway’s Brooks Running Company, a leading name in the global running category, has revealed a significant leadership change. Jim Weber, who has served as Chief Executive Officer for an impressive 23 years, will be stepping down from his role. Effective April 26, 2024, Dan Sheridan, the current President and Chief Operating Officer, will take over as the new CEO.
During his tenure, Weber played a pivotal role in shaping Brooks’ trajectory, steering the company from the brink of bankruptcy to becoming a billion-dollar brand and an industry leader. He established a long-term strategy focused on performance running, which propelled Brooks forward over the past two decades.
The company reported a record revenue growth of $1.2 billion in 2023, marking a significant 5% increase year over year. Moreover, Brooks witnessed a historic achievement of selling over 20 million units, showcasing its widespread consumer appeal and market penetration.
Reflecting on his time at the helm, Weber expressed pride in Brooks’ accomplishments and the groundwork laid for future growth. He highlighted Sheridan’s extensive experience at Brooks, spanning 25 years, as a key factor in his readiness for the CEO position. Weber commended Sheridan’s customer-centric approach and emphasized his role in driving the company’s success.
Sheridan, who joined Brooks in 1998 and has held various leadership positions, brings a wealth of experience and a proven track record of cross-functional success to his new role as CEO. His leadership has been instrumental in evolving Brooks’ strategy, strengthening its business model, and navigating challenges through digital transformation and multichannel strategies.
Sheridan expressed gratitude for the opportunity to work alongside Weber and the global Brooks team, emphasizing the collaborative effort in building a successful business and a supportive workplace culture. He looks forward to leading Brooks into its next chapter of growth.
The transition has garnered support from Berkshire Hathaway Inc., which established Brooks as a standalone subsidiary in 2012. Vice Chairman Greg Abel praised Weber and the Brooks team for their exceptional work and expressed confidence in Sheridan’s leadership.
Brooks’ commitment to nurturing talent and thoughtful succession planning is evident in the appointment of Matt Dodge as the new President and COO, effective August 1, 2024. Dodge’s decade-long tenure at Brooks, coupled with his experience in various roles, positions him well to drive the company’s global growth.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.