After 25 years at New Balance, Jim Tompkins will depart as president and chief operating officer in early June.
This story first appeared in the May 22, 2009 issue of WWD. Subscribe Today.
Company executives are in the process of finding a successor, according to a New Balance spokeswoman.
The Boston-based brand’s annual sales have increased 16 times what they were when Tompkins joined. Last year, New Balance generated $1.63 billion in volume. Unlike most of its major competitors, New Balance remains privately owned.
“I have had a lot of fun and am proud of the tremendous progress we have made over the last 25 years,” said Tompkins, noting the brand is consistently ranked highly in consumer loyalty on a national scale.
He added, “I am taking the opportunity to leave knowing New Balance is in good hands [and] to find a new challenge where my experience can be utilized to help another young business grow.”
Tompkins could not be reached for further comment. The New Balance spokeswoman said Tompkins has not identified which business he is pursuing.
Rob DeMartini, chief executive officer of New Balance, said, “Over the years, Jim has served New Balance well in a variety of roles, including product manager, European managing director, vice president, [research and development], and president and chief operating officer. He has been instrumental in building the business and the New Balance brand to what it is today.”