Iconix calls on Marvel savior Peter Cuneo following CEO resignation
today Jun 16, 2018
New York-based Iconix Brand Group, Inc. announced on Friday that Executive Chairman Peter Cuneo will be taking over as interim CEO following the exit of John Haugh, who has stepped down from his roles as president and CEO in order to pursue other opportunities.
Cuneo is currently managing principal at private investment and management firm Cuneo & Company, LLC and also sits on the Board of the Foundation of the National Archives in Washington, DC, where he serves as co-head of the development committee.
Since 1983, he has completed the turnarounds of seven branded businesses in the global media and consumer products sectors. Between 1999 and 2009 he served as president and CEO, then vice chairman of the Board, at Marvel Entertainment Inc. where he played a key role in turning the bankrupted brand into a leading name in the entertainment industry, a process culminating in its $4.4 billion sale to Disney in 2009.
Prior to this, Cuneo also served as president and CEO of Remington Products Company, president of the Black & Decker Corporation’s security hardware group, president of Bristol-Myers Squibb Pharmaceutical Group in Canada and president of Clairol’s personal care division.
“We are fortunate to have someone of Peter's caliber, with an extensive track record of revitalizing leading consumer brands and direct experience leading Iconix as Interim CEO from August 2015 to April 2016, to step in as Interim CEO while we identify a permanent successor,” said Drew Cohen, lead independent director of the Iconix Board, in a release. “We are grateful to John for his service to Iconix during his years as CEO and for the contributions he has made in positioning the Company for the future. We wish him well in his future endeavors.”
“I am committed to helping Iconix as Interim CEO at this important time in the company's history,” stated Cuneo. “We are addressing the challenges facing the company head on, and are moving forward with focus and a sense of urgency. I look forward to working closely with the Board and management team as we search for a permanent CEO and best position Iconix to deliver growth and stockholder value creation.”
Iconix, which licenses and markets a portfolio of consumer brands including Umbro, Lee Cooper and Rocawear, saw its net income shoot up to $32.7 million in Q1 2018, following the resolution of its debt obligations.
Both Haugh’s resignation and Cuneo’s appointment are effective immediately. Iconix will work in partnership with an executive search firm to find a new permanent CEO.
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