Iconix names Peter Cuneo Executive Chairman of the Board
Iconix Brand Group on Monday announced that Chairman of the Board Peter Cuneo will assume the role of Executive Chairman of the Board, effective immediately.
Cuneo has served on the Iconix Board since October 2006 and served as Interim CEO from August 2015 to April 2016. As Executive Chairman, he will be focused on evaluating strategic opportunities, as well as oversee the company’s financial and legal functions.
"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,” said Cuneo.
Some of the challenges that the company has faced this year includes declines in licensing revenue at the top of the year and sales declines throughout the year. The company in July sold its entertainment segment to DHX Media for $345 million to reduce its debt and took full ownership of its Canadian subsidiary.
Cuneo added, “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."
Haugh will continue to serve as CEO of Iconix and will remain focused on the company’s core licensing and brand management functions.
“I am thrilled to have Peter rejoin the management team of the Company in his new role as Executive Chairman of the Board,” said Haugh about Cuneo’s appointment. “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 this month said that it expects its third quarter licensing revenue to decrease 12%, due in part to its sale of the Sharper Image brand.
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