Prana Living LLC has hired Michael Crooke as chief executive officer.
This story first appeared in the December 9, 2008 issue of WWD. Subscribe Today.
Most recently ceo of Revolution Living, Crooke served as president and ceo of Patagonia Inc. from 1999 to 2005. Earlier, he was ceo and chairman of Pearl Izumi, a maker of cycling and performance apparel, and a managing director of Kelty Packs. He currently serves on the boards of Earth Day Network and Miraval Living.
“The hierarchy of values here and my hierarchy of values are very similar: Both are based on living a better, more sustainable way,” Crooke said. “It’s a company that still has the founders in it, it’s very authentic, and there’s more to it than just putting products out there into the world. Prana, like Patagonia, has the ability to influence people’s thinking and change their lives for the good.”
Based at company headquarters in Vista, Calif., Crooke started Dec. 1. He replaces Prana co-founder Beaver Theodosakis as ceo. Theodosakis will remain on the board, and his wife and co-founder, Pam Theodosakis, will continue as head of product design.
After founding Prana in 1993, the Theodosakises sold the company to Liz Claiborne Inc. in 2005 for an undisclosed sum. In February, they led a management buyout of the $33 million brand from Claiborne. The founding couple reinvested their $18.4 million earnout to fund about half the $36.5 million selling price, teaming with private equity firm Steelpoint Capital Partners LP, whose portfolio includes Kidrobot and accessories firm Bag Borrow or Steal, plus eco-health friendly products Naked Juice and Genesis Today.