Hall of Fame Honoree Dave Powers Reflects on Storied Career After Stepping Down as Deckers CEO Ahead of FNAA 2024
Stephen Garner
Senior Editor
On Dec. 4, Dave Powers will be inducted into the Hall of Fame at the 38th annual FN Achievement Awards. Below is an article from the magazine’s Dec. 2 print issue about his career and what he’s up to now that he’s retired.
After taking Deckers Brands to new heights as president and chief executive officer, Dave Powers announced earlier this year that he would step down from his post in August.
It was an unexpected move given the success of Deckers’ red-hot portfolio of brands, especially Hoka and Ugg, both of which continue to deliver stellar earnings. In fact, in Powers’ last quarter as CEO, for fiscal Q1, Deckers reported that net sales rose 21.1 percent to $825.3 million, compared with $675.8 million the same time last year. (The following quarter brought another 20.1 percent increase.)
Powers’ tenure at Deckers began in August 2012, when he joined as president of direct-to-consumer after previously holding leadership roles at Converse, Timberland and Gap.
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In January 2014, Powers was appointed president of omnichannel at Deckers, later becoming the company’s president in March 2015.
He took over as CEO in June 2016 at a time when revenue growth had lagged at the company’s hero brand, Ugg. And soon he faced one of the biggest challenges of his career: a battle with an activist investor pressuring Deckers to pursue a sale. Stockholders eventually rebuffed the effort and have since been rewarded by years of positive gains fueled by both Ugg and Hoka.
Leaders within Deckers lauded Powers and the way he’s guided the organization. “Dave is an incredible leader,” said Anne Spangenberg, president of the company’s Fashion Lifestyle Group. “He lives and models our values to our team, in particular ‘Do Good and Do Great’ — his focus that respecting each other and our communities drives a sustainable business.”
Stefano Caroti, the current chief executive officer of Deckers, said that Powers’ Hall of Fame honors are a testament to his ethical leadership. “Dave’s guidance, trust and encouragement have created a sense of community, purpose and belonging that serve as an example for myself and our executive leadership team” he said.
In an interview with FN last month, Powers explained that part of the reason he stepped down now as CEO was to “get out of Stefano’s way.” Caroti, who was the company’s chief commercial officer, took over from Powers upon his retirement earlier this year.
“I wanted to give Stefano the opportunity [to lead Deckers], because he’s the right guy for the job right now,” Powers said. “He’s going to take this company to the next level. Way beyond where I was able to. So, the timing felt great for me, personally. I think it felt great for the business. And it’s also creating opportunities for Stefano and others in the team.”
Here, Powers reflects on the many ups and downs of his footwear journey and important lessons learned along the way.
What has been your proudest moment in your career?
Dave Powers: “Certainly, the success coming out of the activist battle in 2017. I mean, we almost lost the company there, right? But we were able to protect our brands. If we had lost that activist battle, then Deckers wouldn’t be Deckers anymore. So winning that battle, that whole year coming out of it was super rewarding for the employees and myself. And then, when you look at how we were able to turn the business around from that point, when we were stagnant and had negative growth, and turning that around to a 20-plus operating margin and close to $5 billion market cap, I still can’t believe it, to be honest with you. So certainly, from a personal perspective, seeing what employees did to rally around that and make it happen, you couldn’t ask for more.”
What have been some of the biggest hurdles for you over the years?
DP: “One is adversity in business and going through down times in business. It forces you to really dig deep. But the best part about that is you come out with a better understanding of what success is going to take, and you just continue to apply that forward. Looking back, I’ve been through challenges at Gap, when that business started to downturn and we had to refigure the merchandizing and the product. And at Timberland, with the yellow boot and trying to offset the decline of that in some cases. And then certainly at Deckers with the Ugg boot and the trend challenges — and with the activist investor situation. You know, Hoka wouldn’t be here today if we had lost that activist battle.”
What has been some of the best advice you’ve received and then passed on?
DP: “One of the things that I learned from my dad was that it’s always about the kids. Every decision you make should be what’s best for the kids. And so, I’ve taken that into the business world in the form of what’s best for our employees, what’s best for our customers. Other than that, stay humble, stay hungry, keep your head down, do good work. But the best advice is really to focus on what’s best for the people in your company who do the hard work, and then the rest will figure itself out.”
What’s next for you in post-retirement?
DP: “Right now, I am enjoying more free time with my family. I tell you what, it’s been amazing to have the time to be able to reflect on how hard we all work. This business is nonstop. It’s never easy, but you know, if you do it in a way that’s true to your integrity, and you find success, it can be the most rewarding thing in your life.”
For 38 years, the annual FN Achievement Awards — often called the “Shoe Oscars” — have celebrated the style stars, best brand stories, ardent philanthropists, emerging talents and industry veterans. The 2024 event is supported by sponsors Listrak, Marc Fisher, Nordstrom and Vibram.
