New Balance President Leaving

New Balance President and COO Jim Tompkins will be leaving the company early next month, the company announced yesterday.

In his 25 years at the Boston-based company, Tompkins served as product manager, European managing director and VP of research and development before assuming his current role. According to a company spokeswoman, New Balance is developing a transition plan, but no details about that plan or a potential successor have been made public.

“My time with New Balance has been a great experience," Tompkins said in a statement. “We have grown the company 16 times since I started and developed a brand that is consistently ranked highly in consumer loyalty on a national scale. I have also made many good friends both in the company and the industry. I am taking the opportunity to leave knowing New Balance is in good hands and to find a new challenge where my experience can be utilized to help another young business grow.”

Tompkins’ plans after leaving the company were not announced.

“I wish to take this opportunity to thank Jim for his many contributions to New Balance," Rob DeMartini, CEO of New Balance, said in the statement. “He has been instrumental in building the business and the New Balance brand to what it is today. We thank him for his leadership and wish him much success in the future.”