Robert T. DeMartini, 45, has been named chief executive of New Balance. He replaces Jim Davis, owner of the company, who has been the CEO for 35 years. Davis will remain chairman of the company. DeMartini was most recently group vice president of Tyson Foods’ consumer products division, which generates $6 billion in annual turnover. He has previous experience with Procter & Gamble and with Gillette.
At the same time, Davis’ children, now in their 20s, are becoming involved in the business. The idea is that DeMartini will mentor them and then eventually the Davis family will retake the reigns. Davis took over New Balance in 1972 and transformed the company from a producer of orthotics to the fifth largest athletic footwear brand. Last year New Balance had turnover of $1.55 billion.
