Crooke Out of Hot Topic
After one month serving as the president of Hot Topic Inc.’s Hot Topic division, Michael Crooke parted ways with the mall-based retailer, which is located in City of Industry, Calif.
On July 2, the company issued a statement saying that Crooke was “no longer with the company.” Hot Topic Chief Executive Betsy McLaughlin has assumed oversight for Crooke’s former duties at the Hot Topic division. The retailer will be looking for an executive to replace Crooke, said George Wehlitz, Hot Topic’s vice president of finance. However, there is no timeline to find a replacement for Crooke.
According to financial documents, Crooke’s base salary as Hot Topic’s president was $600,000. Before serving at the retailer, he worked as president and chief executive for Patagonia Inc. from 1999 to 2005. In 2006, Crooke worked as a senior advisor on Revolution Living, a business owned by America Online founder Steve Case. The company makes investments in ventures that focus on health and the environment. In the late 1970s, Crooke served as a U.S. Navy Seal, according to a Hot Topic statement.
Hot Topic Inc. reported comparable-store sales of -0.2 percent for May 2008, its last indicator of its financial performance. The retailer’s rock tee business has been strong, according to a May 22 research note written by Jeffrey Van Sinderen of Los Angeles–based B. Riley & Co. But a lack of new major pop-culture licenses has hurt the company’s licensed-product category. In August, Hot Topic is scheduled to debut an online music shop and community called ShockHound. —Andrew Asch
