The executive who led the $2.1 billion 2007 sale of Oakley Inc. to Italy’s Luxottica Group SPA is stepping back and handing the reins to a longtime executive at the Foothill Ranch-based maker of sunglasses and clothes.
David Scott Olivet, former chief executive, stepped down last month. He’s now chairman, a newly created Oakley position.
Colin Baden, president of Oakley since 1999, has taken over as chief executive.
Olivet plans to start his own investment company and continue working for Oakley founder Jim Jannard’s latest venture, Lake Forest-based Red Digital Cinema Camera Co., a digital movie camera maker.
The former Nike Inc. and Gap Inc. executive is spending more time at Red Digital, which has made headway selling its digital camera to TV shows and movie directors.
He’s an investor and executive chairman at the company, though he said his title is likely to change to be more fitting with others at Red Digital, which include “fire chief,” “hot seat” and “bomb squad,” he said.
Olivet joined Jannard in June to petition the Clark County Planning Commission on plans for an 80-acre campus for Red Digital in Nevada. The project won initial approval.
Baden was an easy choice to replace Olivet at Oakley, as he long has been involved with the company.
A former architect at Lewis Architecture of Seattle, Baden came to Oakley after advising Jannard on the design of a home in Washington state.
Baden had a big hand in the design and construction of Oakley’s headquarters in Foothill Ranch.
He joined Oakley as a design director in 1996. Last month, he oversaw much of the reorganization at Oakley.
The changes made had been on the drawing board for about a year, Baden said.
“In North America, the whole team was overdue for a restructuring,” he said. “It wasn’t the lean, mean machine it could be.”
The company is down from 11 to four regions reporting to Baden, who reports to Luxottica Chief Executive Andrea Guerra.
The moves are part of Luxottica’s bid to grow Oakley into more of a global brand, according to Baden.
Oakley has weathered the downturn better than many other apparel brands. Luxottica’s sales were up 3.5% in the second quarter from a year earlier, due in large part to Oakley.
The economy “has affected us, but we’re still a growth company,” Baden said.
For more on this story, see the Aug. 31 edition of the Business Journal.
