NEIL COLE EXITS ICONIX
Neil Cole, the CEO, chairman, president and founder of Iconix Brand Group, is about to leave the building.
Iconix, the parent company of such brands as Joe Boxer, Rocawear, Zoo York, Ecko Unltd and Lee Cooper among many others, announced Cole’s departure in a statement yesterday that said “he intends to pursue other business opportunities.” He has agreed to stay on as a special advisor to the company until September 30, 2015. Cole, who is the brother of designer/entrepreneur Kenneth Cole, founded Iconix in 2005.
Board member Peter Cuneo, who formerly served as president and CEO of Marvel Entertainment, was named chairman of the board and Interim CEO until a newly formed search team, working in tandem with an executive recruitment firm, finds a permanent replacement.
“Neil Cole is a pioneer in our industry and as founder of this company has overseen its significant growth for the past 10 years. Under Neil’s leadership, Iconix has acquired over 35 iconic consumer brands creating a diversified and powerful portfolio,” Cuneo said. “On behalf of the board we want to thank Neil for his vision, dedication and the countless other contributions he has made to Iconix. We wish him well as he pursues new endeavors.”
The Street reported that Iconix shares fell 22.5% to $15.19 after the news of Cole’s departure hit this morning. They were at an all-time low of $14.92 when the market closed today.
