Crocs ( shares had been down 7% year to date through Friday's close, but shares were up 17% in morning trading on the news. )
The company said Blackstone ( will invest $200 million in convertible preferred shares, using most of those proceeds to help repurchase $350 million worth of its stock. It will use cash on hand to fund the rest of the repurchase program. )
At current prices, the repurchase program is large enough to reduce shares outstanding by about 30%, according to Crocs.
The company also announced that CEO John McCarvel, who has led the company since 2010, is leaving in April. Crocs, which termed the 57-year-old McCarvel's departure a retirement, said it has begun an outside search for his successor.
Crocs also warned that fourth-quarter revenue will be at the low end of its previously announced guidance, and that its loss will be closer to 23 cents a share rather than 20 cents a share it had forecast previously.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.26%||4.48%|
|15 yr fixed||3.30%||3.31%|
|30 yr refi||4.25%||4.45%|
|15 yr refi||3.29%||3.34%|
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