Joe Preston appointed CEO for New Balance
Sportswear producer New Balance has announced that chief commercial officer Joe Preston will become the company’s president and chief executive when Rob DeMartini steps down at the end of this year. Mr DeMartini has led New Balance for the past 12 years, during which time its revenue is said to have grown from $1.5 billion to $4.2 billion and international sales have reportedly risen by 30 per cent to represent 65 per cent of its revenue.
Mr Preston has worked at New Balance for more than two decades, having joined in 1995 as senior product manager for running and custom products. He has held a variety of roles, including executive vice president of international operations and head of the global product, research and development and sports marketing teams.
The company was founded in 1906 near Boston by Briton William Riley to manufacture arch supports and other accessories designed to improve shoe fit. In 1960, New Balance created the ‘Trackster’ – reportedly the world’s first running shoe incorporating a ripple sole.
This article was originally published on page 3 of the December 2018 issue of SATRA Bulletin.