NEW YORK (TheStreet) -- Crocs (CROX) CEO John McCarvel will be retiring, a move announced Sunday, TheStreet's Debra Borchardt reported. The company also released guidance at the lower end of the previous range. Fourth-quarter guidance was estimated to be $220 million in sales and a loss per share of 23 cents.
Despite this news, Crocs shares have jumped over 16%. Why? Perhaps because the company also announced that Blackstone (BX) would be taking a $200 million position in the stock, Borchardt said. The fees for its involvement will likely be between $45 million to $52 million.
Still, after several years of underwhelming performance, investors are cheering the management shakeup and prospects of a brighter future, even at today's expense, she added.
-- Written by Bret Kenwell in Petoskey, Mich.