Crocs, the Niwot-based maker of colorful resin clogs, said Wednesday that John Duerden will become the company's new chief executive, succeeding Ron Snyder.

Duerden, 68, served as president and CEO of Reebok International from 1990 to 1995, when the company's worldwide sales tripled to $3 billion. He also spent 20 years at Xerox in several senior staff and operations positions and served as chairman and CEO of Dictaphone Corp.

"I am excited by the opportunity to lead this talented global team into the next stage of the company's development and to build on the company's many strengths," Duerden said in a statement.

The transition takes effect March 16. Snyder, 52, who is retiring, will continue as a member of the company's board of directors. Snyder also agreed to assist with Duerden's transition.

"John brings a long track record of success in growing companies and brands in a number of different regions. His broad experience is a perfect fit for our global footprint," Snyder said in a statement.

The announcement comes after Crocs reported this month that it swung to a $33.2 million fourth-quarter loss amid the economic slowdown and currency exchange rate losses. Revenue plunged 44 percent to $126.1 million.

The one-time high-flying company has been trying to expand beyond the simple clog, launched in six colors in 2002, that quickly became a phenomenon. The company's lineup has expanded to 250 models, including golf sandals and canvas slip-ons.

In a note to clients, Morningstar said, "Although we welcome Duerden's new perspective and background with brand rehabilitation, we continue to believe Crocs' turnaround will be an uphill battle amid a turbulent economic environment and diminishing consumer demand."

The company went public in January 2006 and by year's end began a run that saw its shares gain 600 percent in two years. That made multimillionaires of executives and early investors. Snyder sold nearly $140 million in Crocs shares in that period.

Duerden, born in Carmarthen, Wales, became CEO of Lernout & Hauspie in 2000, when the maker of speech recognition software was the subject of a Securities and Exchange Commission investigation into its past accounting practices. He left less than six months later after objecting to the board's handling of those investigations.