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Dr Martens CFO Jon Mortimore departs

Dr Martens store

Dr Martens has announced its chief financial officer Jon Mortimore has decided to retire from his position after seven years in the position.

However, Mortimore will continue in his position until a successor is found, which the footwear brand revealed has commenced an external search for.

Mortimore joined the company in April 2016, and within his time at the company he oversaw revenue growth from £230 million to £1 billion, as well as playing an integral role in the company’s initial public offering (IPO) in January 2021.

Find out more about Dr Martens in the NEW 2023 European Fashion Sector Report 

Prior to Dr Martens he was CFO at Liberty Living, Avant Homes Group and Travelodge.

He also was also the finance director at WHSmith, a position he held for over two years.

“On behalf of the board, I would like to thank Jon for his central role in driving the strong growth and strategic development of Dr. Martens over the last seven years,” Dr Marten’s chair Paul Mason said.

“His knowledge of the business and understanding of the company’s value drivers have played a key part in helping develop the business during this period.

“We also want to thank him for his careful stewardship of the finance function, in particular during the pandemic period, which is testament to his dedication and exceptional hard work. We wish him well in his retirement.”

Mortimore added: “I am proud of the progress that Dr. Martens has achieved during my time as CFO since 2016 and I look forward to seeing further growth and success in the years to come.

“This is a great company with an incredible brand and passionate people, and I believe it has a very exciting long-term future ahead of it. I will be retiring once my successor is in place but until then, I will continue to support Dr. Martens in my role as CFO.”

The new comes as the footwear brand posted full-year revenue growth of 10%, with Q4 rising by 6%, attributing operational issues in its US warehouse to earnings being impacted.

In the period, wholesale revenues fell 4%, as the company was forced to open temporary warehouses as the LA issues were being resolved.

According to Dr Martens, DTC retail grew 36%, with online sales increasing by just 8% in Q4.

“We continue to adopt a custodian mindset, taking decisions in the best long-term interests of all our stakeholders, and I believe firmly in the DOCS strategy, the continued strength of the Dr. Martens brand and the medium to long-term growth potential of the business,” CEO Kenny Wilson said.

Image credit: Shutterstock

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