Cole Steps Down as Chief Executive Officer, Chairman and President; Board Member Peter Cuneo Appointed Chairman and Interim CEO
Iconix Brand Group said that Neil Cole is stepping down from his positions as Chief Executive Officer, Chairman and President and as a member of the Board of Directors.
Cole has agreed to serve as a special advisor to the Company through 30 September 2015 to assist with the transition. He thereafter intends to pursue other business opportunities. Iconix board member Peter Cuneo has been appointed Chairman of the Board and Interim CEO.
Cuneo has served on Iconix’s Board since October 2006 and previously was the President and Chief Executive Officer of Marvel Entertainment.
The company’s Board said that it has formed a search committee to evaluate candidates to serve as the Company’s next CEO and will be engaging a leading executive search firm to assist in the process.
“Neil Cole is a pioneer in our industry and as founder of this company has overseen its significant growth for the past 10 years. Under Neil’s leadership, Iconix has acquired over 35 iconic consumer brands creating a diversified and powerful portfolio,” said Cuneo.
Cole served as the Company’s Chief Executive Officer, Chairman and President since he founded Iconix in 2005.
“Iconix is a great company and I am excited about the opportunity to work with our senior leadership and Board of Directors as we look to our next phase of growth and development,” continued Cuneo. “The Board believes strongly in the future of Iconix’s underlying business, as signified by its diversified portfolio of iconic consumer brands, outstanding global licensing network, and strong free cash flow generation. Our strategy will not change and we are highly confident that the Company is well positioned to resume its growth trajectory, organically and through new acquisitions in the months and years ahead.”
“I am very proud of what we have built and the progress we have made over the past exciting 10 years and wish the company continuing success. The intellectual property assets of Iconix are strong and enduring. I look forward to assisting the company as we work to ensure a smooth transition,” said Cole.
Iconix specialises in marketing, merchandising and licensing its brand portfolio and has over 1,100 licenses with leading retailers and manufacturers worldwide that sell across various distribution channels from the mass tier to the luxury market, as well as through various media outlets.