The board of directors of Iconix Brand Group has announced that Neil Cole is stepping down from his positions as chief executive officer, chairman and president and as a member of the board. Iconix board member Peter Cuneo has been appointed chairman of the board and interim CEO.
Cole served as the company’s CEO, chairman and president since he founded Iconix in 2005. He has agreed to serve as a special advisor to the company through September 30 to assist with the transition. He thereafter intends to pursue other business opportunities, the company said.
Cuneo has served on Iconix’s board since 2006 and previously was the president and CEO of Marvel Entertainment. He was also previously president and CEO of Remington Products Company.
The board said that it has formed a search committee to evaluate candidates to serve as the company’s next CEO and will be engaging a leading executive search firm to assist in the process.
Cuneo said, “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. On behalf of the board we want to thank Neil for his vision, dedication and the countless other contributions he has made to Iconix.”
He continued, “The board believes strongly in the future of Iconix’s underlying business, as signified by its diversified portfolio of iconic consumer brands, outstanding global licensing network, and strong free cash flow generation. Our strategy will not change and we are highly confident that the company is well positioned to resume its growth trajectory, organically and through new acquisitions in the months and years ahead.”
Iconix Brand Group, Inc. owns, licenses and markets a portfolio of consumer brands including Sharper Image.