Jack Wolfskin has adjusted its corporate structure, which has led to the appointment of Richard Cotter as chairman of an advisory board for the German outdoor company's controlling shareholders.
The changes come after a financial restructuring package that saw a group of lenders acquire control of Jack Wolfskin in a debt for equity swap that was finalized in July. The company was previously owned by Blackstone, the U.S. private equity firm, which acquired Jack Wolfskin in 2011. Stakeholders in Outdoor Holding, the Luxembourg-based holding company that controls Jack Wolfskin, include Bain Capital Credit, HIG/ Bayside Capital and CQS.
The advisory board formed in July further includes Edgar Rosenberger, former general manager of H&M in Europe, and former chief executive of Esprit Europe. Another member is Michael Thomas from Talbot Hughes McKillop. The British restructuring firm reported earlier that Thomas had been appointed as managing director and chief restructuring officer of Jack Wolfskin in October 2016. The fourth advisory board member is Toni Whitman, who sits on several such boards in Luxembourg.
Cotter rose to prominence in the outdoor market when he assumed the leadership of the Berghaus brand for more than seven years until 2013. He went on to become chief executive at Snow & Rock but left after about two years, after the retailer's acquisition by the A.S. Adventure Group. Since then Cotter has been chairman and chief executive of the Fresh Oxygen Group, which is described as a boutique strategic consultancy, specializing in retailing, brand building and international growth.
While functioning as a non-executive director on the advisory board, Rosenberger should also become chairman of a supervisory board that will formally be established in March. Axel Herberg from the Blackstone group stepped down as chairman of Jack Wolfskin's supervisory board shortly after the financial agreement in July. The two other members of the supervisory board will be announced around the end of March, one of them a representative of the works council.
Jack Wolfskin's executive management board remains under the leadership of Melody Harris-Jensbach. The two other members are Jörg Wahlers, who arrived in September in the new combined function of chief operating officer and chief financial officer, and Markus Bötsch, the group's chief sales officer.