NEW YORK, Dec. 18, 2017 /PRNewswire/ -- Iconix Brand
Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today
announced that current Chairman of the Board, Peter Cuneo, will assume the role of Executive
Chairman of the Board of Directors, effective immediately.
As Executive Chairman, Mr. Cuneo will be focused on evaluating
strategic opportunities, overseeing the financial and legal
functions and working towards stabilizing the Company's balance
sheet.
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.
Mr. Haugh stated, "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."
Mr. Cuneo stated, "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."
Mr. 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. Peter
Cuneo is a recognized leader in business turnarounds. Since
1983, he has completed seven turnarounds of distressed branded
businesses in the global entertainment and consumer products
sectors. He is an expert in media and IP related industries.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a portfolio
of consumer brands including: CANDIE'S (R), BONGO (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO
(R), LONDON FOG (R), OCEAN PACIFIC
(R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET (R),
FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK (R), UMBRO (R), LEE COOPER (R), ECKO UNLTD. (R), MARC ECKO (R), and ARTFUL DODGER. In addition,
Iconix owns interests in the MATERIAL GIRL (R), ED HARDY (R), TRUTH OR DARE (R), MODERN
AMUSEMENT (R), BUFFALO (R) and PONY (R) brands. The Company
licenses its brands to a network of leading retailers and
manufacturers that touch every major segment of retail distribution
in both the U.S. and worldwide. Through its in-house business
development, merchandising, advertising and public relations
departments, Iconix manages its brands to drive greater consumer
awareness and equity.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements within the meaning of the
federal securities laws. Such forward-looking statements include
projections regarding the Company's beliefs and expectations about
future performance and, in some cases, may be identified by words
like "anticipate," "assume," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "future," "will," "seek" and similar terms or
phrases. These statements are based on the Company's beliefs and
assumptions, which in turn are based on information available as of
the date of this press release. Forward-looking statements involve
known and unknown risks and uncertainties, which could cause actual
results to differ materially from those contained in any
forward-looking statement and could harm the Company's business,
prospects, results of operations, liquidity and financial condition
and cause its stock price to decline significantly. Many of these
factors are beyond the Company's ability to control or predict.
Important factors that could cause the Company's actual results to
differ materially from those indicated in the forward-looking
statements include, among others: the ability of the Company's
licensees to maintain their license agreements or to produce and
market products bearing the Company's brand names, the Company's
ability to retain and negotiate favorable licenses, the Company's
ability to meet its outstanding debt obligations and the events and
risks referenced in the sections titled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2016 and subsequent
Quarterly Reports on Form 10-Q and in other documents filed or
furnished with the Securities and Exchange Commission. Our
forward-looking statements do not reflect the potential impact of
any acquisitions, mergers, dispositions, business development
transactions, joint ventures or investments we may enter into or
make in the future. Given these uncertainties, you should not place
undue reliance on these forward-looking statements. These
forward-looking statements are made only as of the date hereof and
the Company undertakes no obligation to update or revise publicly
any forward-looking statements, except as required by law.
Contact Information:
Jaime
Sheinheit
VP, Investor Relations
Iconix Brand Group, Inc.
jsheinheit@iconixbrand.com
212.819.2096
View original
content:http://www.prnewswire.com/news-releases/peter-cuneo-to-assume-role-of-executive-chairman-300572788.html
SOURCE Iconix Brand Group, Inc.