Jim Weber, the long-serving CEO of Brooks Running under Berkshire Hathaway, is stepping down after over two decades in the top position, as announced by the company on Tuesday.
Dan Sheridan, a seasoned Brooks veteran who began his journey at the running company in a marketing role in 1998 and steadily climbed the ranks to become chief operating officer and president, will assume the role of CEO on April 26.
Weber, credited with rescuing Brooks from near insolvency and transforming it into a billion-dollar brand amidst four different ownership changes, expressed mixed sentiments about his departure. Overcoming a battle with cancer in recent years, Weber mentioned his desire to “dial back” and seek more balance in life.
Reflecting on his tenure, Weber stated, “I’m super proud of what we built… We’ve got a company that’s achieved a lot and has incredible opportunity looking ahead. We’ve got momentum right now.”
Sheridan steps into a thriving business, having played an increasingly significant role in its development in recent years under Weber’s mentorship.
Last year, Brooks achieved $1.2 billion in sales, with notable growth in North America, where it generates 80% of its revenue. Sheridan aims to continue this success by expanding globally, particularly in China, and diversifying Brooks’ product range.
Plans include establishing the inaugural Brooks Running store in China, tapping into a market ripe for growth, according to Sheridan. He also highlighted the company’s objective to enhance direct sales in the U.S. and foster wholesale partnerships in Europe.
“I’m lucky because not many new CEOs get to step in and inherit what I would call a sound business, a sound culture and a sound brand, and the strength that we have is pretty unique,” said Sheridan. “So I don’t have a turnaround, I don’t have to come in and make sweeping changes.”
Following Brooks Running’s transition into a standalone subsidiary of Berkshire Hathaway in 2012, Weber and his team embarked on succession planning. They formalized the process, eventually leading to Sheridan’s appointment.
As Sheridan ascended from sales manager to executive vice president overseeing global sales, Weber commended his insatiable eagerness, curiosity, and ambition, identifying him as a leader-in-the-making.
Over the past five years, Weber exposed Sheridan to various facets of the business, allowing him to implement strategy and make a mark on the company’s direction.
“While Sheridan has been exposed to every facet of the business and is ‘ready’ for the top job, his biggest challenges are ahead,” said Weber.
Despite the positive outlook in the performance running segment, Sheridan faces hurdles such as an uncertain economy, supply chain disruptions, and intense competition.
Weber emphasized the importance of judgment, a trait Sheridan has honed through experience and attentive listening, instilled during their time together.
