Toms, the charitable U.S. shoe brand, has appointed Magnus Wedhammar as its new chief executive, to succeed Jim Alling. Wedhammar was vice president and general manager at Sanuk until he left the company in December. Prior to that role, he was vice president of product at Sperry and also worked at Converse for a decade. He brings over 25 years of experience in the footwear, apparel and accessories industry in both the U.S. and European markets. Wedhammar’s appointment comes a month after Toms’ founder, Blake Mycoskie, and the private equity firm Bain Capital, which acquired a 50 percent stake in Toms five years ago, announced that they would cede control of the company to a group of creditors as part of a debt-restructuring exchange. Credit-rating agencies had warned that Toms would be unable to repay a $300 million loan due this year if it did not renegotiate terms. Toms’ creditors, which include Jeffries Financial Group, Nexus Capital Management and Brookfield Asset Management, intend to take ownership of the shoe brand to provide debt relief and agreed to invest $35 million in Toms to show support for the brand’s future growth. Toms has declined to reveal its 2018 revenues, but a U.S. report said net sales for the year ended Sept. 30 were roughly $336 million.