American Apparel to Appoint Four New Board Members
Los Angeles-based American Apparel announced yesterday selections for its four new board members, including its first woman board member.
The new American Apparel board members include RadioShack CEO Joseph Magnacca, former Fisher Communications CEO Colleen Brown, investor Thomas J. Sullivan and Standard General partner David Glazek, according to the Los Angeles Times. The candidates officially will be appointed early next month.
“This slate of directors brings significant financial, retail and corporate turnaround expertise to the board," Glazek said in a statement to the Los Angeles Times. There is one seat remaining. Insiders indicated a woman candidate is being considered, according to the New York Post.
Standard General, which has amassed an approximate 44 percent stake in American Apparel with the company's founder Dov Charney, provided the company $25 million as part of an agreement that the board would be reconstituted with five of its seven members, including founder Dov Charney, voluntarily stepping down. Its newly appointed board co-chairs, David Danzinger and Allan Mayer remain. The pair are part of the former board that ousted Charney, voting to replace him as chairman and terminate him as CEO June 18. John Luttrell, the company's executive vice present and chief financial officer, is serving as interim CEO.
For more information, visit www.americanapparel.net.