Shares of Birkenstock Holding Plc ($BIRK) slipped 0.8% on Wednesday as the footwear maker said its finance chief, Erik Massmann, plans to step down, dampening retail sentiment.

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The company named Ivica Krolo CFO, effective February 1, replacing Massmann, who plans to step down on January 31, the company said. Krolo was previously CFO at EMH Partners.

“We are excited to welcome Ivica…He is an experienced finance executive with a deep understanding of the regulatory landscape in which we operate and with significant operational and financial planning expertise,” Oliver Reichert, Birkenstock’s CEO, said in a statement.

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The company also stated there would be “no changes in its goals or objectives” and reaffirmed the guidance for FY 2025 as announced on December 18. Birkenstock has previously said its revenue is expected to grow by 15% to 17% in 2025, with adjusted EBITDA margins to range from 30.8% to 31.3%.

For its most recent quarter, Birkenstock posted earnings per share of $0.30, beating estimates of $0.29, according to Stocktwits data.

Following the CFO announcement, sentiment on Stocktwits turned ‘extremely bearish’ from ‘bearish’ a day ago.

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Screenshot 2025-01-23 at 8.44.02 AM.png — BIRK sentiment meter and message volumes on Jan 22 as of 10:05 p.m. ET

According to media reports, CitiGroup analysts were not surprised by the CFO changes and noted a transition may have been in play for a while. Citi reaffirmed its ‘Buy’ rating with a price target of $65.00.

The analysts especially noted Massmann’s role in building the company’s finance team and helping it prepare for the initial public offering. Krolo’s appointment, according to Citi analysts, marks the evolution of the company from a family-owned business to a publicly traded entity, according to Investing.com

Birkenstock stock is up 3.25% year-to-date.

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