Brooks Running, a subsidiary of Berkshire Hathaway, is undergoing a leadership transition as its longtime CEO, Jim Weber, steps down after more than 20 years at the helm. Weber, who successfully brought the company back from bankruptcy and built it into a $1 billion-plus brand, will be succeeded by Dan Sheridan, a veteran of Brooks Running who has worked his way up from a marketing role to chief operating officer and president.
Weber expressed sadness at leaving his position but mentioned that he is looking to find more balance in his life after recovering from cancer. Under his leadership, Brooks Running achieved significant success, with sales reaching $1.2 billion last year. Much of this growth came from North America, which accounts for 80% of the company’s total revenue.
Sheridan, who is inheriting a thriving business, has ambitious plans for global expansion and product offering diversification. He aims to open the first Brooks Running store in China, which he considers an “absolute growth market” for the brand. Additionally, the company intends to expand direct sales in the U.S. and grow wholesale partnerships in Europe.
The succession planning process began soon after Brooks Running became a subsidiary of Berkshire Hathaway in 2012. Weber and his team formalized and professionalized the process, eventually leading to Sheridan’s appointment. Weber credited Warren Buffett’s influence in encouraging CEOs to identify their successors and take succession planning seriously.
Weber recognized Sheridan’s eagerness, curiosity, and ambition to learn more about the company as key factors in choosing him as his successor. Over the past five years, Weber exposed Sheridan to different aspects of the business, allowing him to gain experience in strategy, marketing, and corporate functions. In the last two years, as it became clear that Sheridan would assume the CEO role, he had the opportunity to implement strategy and leave his mark on the company.
While Sheridan has been well-prepared for the top job, he faces significant challenges ahead. The footwear market is under pressure, and he will need to navigate an uncertain economy, supply chain disruptions, fierce competition, and changing consumer preferences. However, Weber expressed confidence in Sheridan’s judgment and decision-making abilities, which he believes are crucial for any leader.
Overall, Brooks Running’s leadership transition marks the end of an era with Weber’s departure and the beginning of a new chapter under Sheridan’s guidance. With a strong foundation and a thriving business, the company is well-positioned for continued growth and success in the global running market.
