More than a month after Park City, Utah-based Skullcandy (NASDAQ:SKUL) announced the resignation of Chief Executive Officer Jeremy Andrus, the company says it's found a replacement, and company founder Rick Alden can quit temping as interim CEO.
The "performance audio" earbuds manufacturer announced Monday that it has hired former Nike + Digital Sport general manager Hoby Darling, 37, to take the reins from Alden, effective immediately. Alden praised Darling as "a best in class addition to this team," citing his experience with emerging and global brands.
Chairman of the Board Jeff Kearl was quoted in the company press release as saying he was "stoked" that Alden has agreed to stay on full time at the company. "He will play an integral role with the executive team at Skullcandy helping set the vision and strategy for the future, as well as attacking the immediate initiatives outlined on the last earnings call," Kearl said.
According to an SEC filing, Darling's compensation as CEO will include:
- A $450,000 base salary.
- An annual bonus that will range from a minimum of 37.5% of his salary to a maximum of 150%, with a target of 100%.
- $2 million worth of stock options and restricted stock units, vesting over a four-year period.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Nike. The Motley Fool owns shares of Nike and SKULLCANDY INC. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.