Wolverine World Wide, Inc. (WWW) Earnings Call Transcript & Summary

Welcome to the 2020 Annual Meeting for Wolverine World Wide, Inc. Our host for today's call is Blake Krueger, Chairman, CEO and President. [Operator Instructions] I will now turn the call over to your host, Blake Krueger. Please go ahead, sir.

Thank you. Good morning, everyone, and welcome to the 2020 Annual Shareholders Meeting of Wolverine World Wide. My name is Blake Krueger, and I'm the Chairman, CEO and President of Wolverine. Before we get started, I wanted to note that the safety and well-being of our shareholders, employees and communities continues to be our top priority as we navigate the impacts of COVID-19. For that reason, we moved this year's annual meeting to a virtual format, which will operate a little differently than our in-person meetings in the past. If you have a question about the proposals being voted on today or other matters, we ask that you submit it now through the meeting website to assure we receive your question before the end of this call. In addition, if you would like to vote your shares today, please do so now through the meeting website to assure that we receive your vote. If you've already voted or submitted your proxy, there is no need to vote again. With that said, I'd like to officially open the Wolverine World Wide 2020 Annual Meeting. We have 3 items on the ballot for consideration at this meeting. The first item is the election of 4 directors for 3-year terms expiring at the 2023 Annual Meeting. They are Bill Gerber. Bill is the Managing Director of Cabrillo Point Capital, a private investment fund. Previously, Bill was Executive Vice President and CFO of Kelly Services, a global staffing solutions company. Bill has been a Director of Wolverine for 12 years. Tom Long. Tom is a retired Chief Executive Officer of MillerCoors, a leading beverage company that markets such well-known brands as Miller Lite, Coors Light, Leinenkugel's and Blue Moon. And before MillerCoors, Tom was in charge of strategic marketing at Coca-Cola. Tom has been a Director of Wolverine for 9 years. Mike Volkema. Mike is the current Chairman and former CEO of Herman Miller, a designer and manufacturer of furnishings for the office and home. Mike has been a Director of Wolverine for 15 years. And finally, there's me. I've been a director for 14 years. I would also like to briefly introduce our incumbent directors who are with us today. Jeff Boromisa. Jeff previously was the Executive Vice President of Kellogg International, President of Latin America, and Senior Vice President of Kellogg Company, a leading global cereal, snack and specialty foods company. In a prior role, Jeff also served as CFO of Kellogg. Jeff has been a Director of Wolverine for 14 years. Gina Boswell. Gina recently retired as the President of Customer Development for Unilever U.S.A., a leading multinational consumer goods company. And before that, held a number of positions with Unilever and other leading branded companies. Gina has been a Director of Wolverine for 7 years. Roxane Divol. Roxane was recently the group COO for Webhelp, a European leader in business process and customer experience outsourcing. Prior to that, Roxane was Executive Vice President and General Manager of Website Security, for Symantec Corporation, a global leader in information security solutions, including Norton security products. Roxane has been a Director of Wolverine for 6 years. Dave Kollat. Dave is President and Chairman of 22, Inc., a company specializing in research and management consulting for retailers and consumer goods manufacturers. And prior to 22, Inc., he was the Executive Vice President, in charge of Marketing for Victoria's Secret. Dave also serves as the lead Director of the Board, a position he's held since 2007. Dave has been a Director of Wolverine for 28 years. Brenda Lauderback. Brenda is currently the Chair of the Board of Denny's Corporation, a restaurant company. Brenda was previously the President of the Wholesale and Retail Divisions for Nine West Group, a footwear wholesaler and distributor. Brenda has been a Director of Wolverine for 17 years. And David McCreight. David is the retired President of URBN, Inc., the parent company of multinational lifestyle Brands, Anthropologie, Urban Outfitters, and Free People. David has been a Director of Wolverine since last year. Also in attendance are representatives from Ernst & Young and members of the company's management team, including Mike Stornant, our Senior Vice President and Chief Financial Officer; and Kyle Hanson, our Senior Vice President and General Counsel. Finally, Dave Latchana and Jennifer Miller are in attendance as our election inspectors. The second item is a vote on an advisory resolution on executive compensation as disclosed in the company's proxy statement. And the third item up for vote today is the ratification of the appointment of Ernst & Young as the company's independent registered public accounting firm for 2020. At this time, the polls are closed. Voting is concluded. And I will receive the result from the Inspectors of Election.

No changes.

No changes. Okay. I have now received the results from the elections inspectors, and I'm pleased to report that as of the latest tally, a significant majority of shares voted for the reelection of the 4 Director nominees, for approval of our executive compensation, and for the ratification of the appointment of Ernst & Young. That officially brings our 2020 Annual Meeting to a close. Let me check to see if we have received any questions from our shareholders. Okay. We have not received any questions. So I just want to say, please keep safe and healthy. Thanks for your time today and for your continued support of Wolverine World Wide. Thank you.

This now concludes the meeting. Thank you for joining, and have a pleasant day.