Wolverine World Wide, Inc. announces $200 million share repurchase program, declares quarterly dividend Wolverine World Wide, Inc. (NYSE: WWW) announced that its Board of Directors approved a new share repurchase program at its regularly scheduled meeting February 11, 2010, authorizing up to $200 million in share repurchases. The share repurchases are to be made over a four-year period at times and amounts deemed appropriate by the Company, based on a variety of factors including price and market conditions. Over the last ten years, the Company has returned over $450 million to its shareholders through previously approved repurchase programs. In addition, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on May 3, 2010 to stockholders of record on April 1, 2010. “Our continued active stock buyback program and dividend payout underscore the confidence we have in our business model, which is based on a portfolio of vibrant and dynamic global lifestyle brands,” said Blake W. Krueger, Chairman and CEO. “Even in challenging economic conditions, we continue to consistently generate solid operating results and significant cash flow. This financial strength and flexibility permits the Company to invest in new business initiatives, such as the Cushe and Chaco brands that we acquired last year, while continuing periodic share repurchases and paying quarterly dividends to our shareholders. These announcements illustrate our confidence in the long-term growth prospects of the Company and our commitment to return capital to our shareholders.”
Wolverine World Wide
Cannon Township to close portion of trail Cannon Township will soon be closing a section of the trail while repair work is performed, hoping that the repairs will be completed in a two-week period. During that time, no traffic will be allowed on the section of the trail running west from Sunfish Lake Avenue to Dix Farms. Please do not try to go around this area by walking on the private drive or through the woods. These repairs should solve the township’s water problems. Wolverine World Wide Inc. announces new appointments Wolverine World Wide Inc. (NYSE: WWW) recently announced the appointment of Bill Dodge as vice president of product development for the Outdoor Group, and Mark Sandquist as president of Global Apparel. These senior leadership roles will help accelerate several of the company’s key growth initiatives for the Merrell, Patagonia Footwear and Chaco businesses. Both Dodge and Sandquist will report to Jim Zwiers, president of the Outdoor Group. Commenting on the appointments, Zwiers stated, “Wolverine remains focused on executing its global growth initiatives, which includes growing Merrell into our first billion dollar brand and capitalizing on the potential of the Chaco brand. We are privileged to have Mark Sandquist and Bill Dodge enhance our already strong senior leadership team, and look forward to their contributions to drive innovative product creation and future growth. Mark’s experience and past success in outdoor apparel will be instrumental in helping us grow our apparel platform. At the same time, the alignment of all Outdoor Group footwear product development under Bill’s leadership will provide synergies and help us realize the potential of the Merrell, Patagonia Footwear and Chaco brands.” For additional information, please visit www.wolverineworldwide.com.
HELPING OUT-Understanding that economic realities have severely reduced the average construction workers purchasing power, Rockford-based Wolverine World Wide donated footwear and apparel to the hard working men and women from Pioneer Construction who are currently working on the 38 Commerce and City Parking Ramp project downtown.
Wolverine World Wide, Inc. will be honored with the Excellence in Lifestyle Branding Award at the American Apparel & Footwear Association’s (AAFA) 31st annual American Image Awards to be held on May 12, 2009 in New York City. Blake W. Krueger, the Company’s CEO and President, will accept the award, which recognizes Wolverine’s success in building one of the most diverse and preeminent portfolios of footwear and lifestyle brands in the industry. During 2008, Wolverine celebrated its 125th anniversary by marketing nearly forty eight million pairs of footwear globally and delivering its 8th consecutive year of record revenue and earnings.