New Balance CEO DeMartini to step down, company names Joe Preston as new CEO
today Oct 31, 2018
Boston-based sportswear company New Balance Athletics Inc has named Joe Preston as its new president and chief executive officer. He will replace current president and CEO Rob DeMartini, effective December 31 of this year.
Preston began his work with New Balance in 1995 as a senior product manager, and most recently served as the company's chief commercial officer. He was named vice president, international of the Asia/Pacific region in 2002 and rose through the ranks to become executive vice president, International in 2008, in addition to leading the brand’s global product, research and development and sports marketing departments.
Prior to joining the company, Preston served as brand manager at First Brands Corporation, according to his LinkedIn profile.
“I’m honored and humbled to take on this role and want to thank Rob for his leadership over the past 12 years,” said Preston. “We have an incredible team of associates and partners around the globe and together we will drive even greater speed, agility and innovation in this modern age of retail.”
Preston's predecessor DeMartini held his role at New Balance for 12 years. According to a company press release, DeMartini oversaw global growth of the athletic brand from $1.5 billion in 2007 to $4.2 billion in 2018, reviving the New Balance brand's performance in the specialty running category, expanding international sales to 65 percent and spearheading one of the company's highest growth rates, averaging an 11 percent compound annual growth rate.
In addition, DeMartini boosted the brand's commitment to owned manufacturing and worked directly with U.S. government and industry officials to implement the Berry Amendment, allowing New Balance to supply shoes to military members entering basic training.
Prior to his work at New Balance, which began in 2007, DeMartini served in several executive and management roles at Tyson Foods and Proctor & Gamble.
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