- Prachi Singh |
Iconix Brand Group has said in a statement that current chairman of the board, Peter Cuneo, will assume the role of executive chairman, effective immediately. The company added that as Executive Chairman, Cuneo will be focused on evaluating strategic opportunities, overseeing the financial and legal functions and working towards stabilizing the company's balance sheet. Meanwhile, John Haugh will continue to serve as the company's Chief Executive Officer and will remain focused on the core licensing and brand management functions.
Commenting on the development, Haugh said in a media release, "Peter Cuneo is a recognized leader in business turnarounds with intimate knowledge of the Iconix operating model. I am thrilled to have Peter rejoin the management team of the company in his new role as Executive Chairman of the board. Peter's involvement will free up more time for me to focus on our core licensing business while evolving the company to generate future growth."
"Iconix is going through a challenging time right now, and we need to be laser focused on building the core business operations, while we also evaluate strategic opportunities and work towards a balance sheet solution. By defining the role of Executive Chairman, and increasing my involvement in the strategic and financial direction of Iconix, the board has recognized the importance of having our CEO, John Haugh, dedicate the bulk of his time to driving growth within our brand portfolio," added Cuneo.
Cuneo has served on Iconix' Board since October 2006 and previously held the position of interim chief executive officer from August 2015 to April 2016. The company added that Cuneo is a recognized leader in business turnarounds and since 1983, he has completed seven turnarounds of distressed branded businesses in the global entertainment and consumer products sectors.
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