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According to an SEC filing today, the company and Spaletto — who is president of Wolverine Michigan Group — mutually agreed on April 10 that he would resign from his role, effective on or before May 30. Wolverine and Spaletto entered into a separation agreement on April 15, which includes cash severance payments equal to 18 weeks of his base salary and restrictions on hiring of its employees until May 31, 2022.
The filing further stated Spaletto’s departure “is not based on any disagreement with the company relating to its operations, policies or practices.”
Wolverine has not yet responded to FN’s email request for comment.
Spaletto joined Wolverine as the president of its outdoor and lifestyle group in February 2017 and was named group president of Michigan Brands in March 2019.
He came to the company after spending 14 years at The North Face in a number of roles, ending his career there as global president. The outdoor industry veteran has also had stints at both JanSport and High Sierra.
Wolverine, which is expected to report earnings on April 22, could soon reveal additional executive departures, according to industry sources. Like most companies, the company withdrew its financial guidance in March as the coronavirus began to take a toll.
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