Iconix Brand Group Inc. said Tuesday that former eyewear executive John Haugh had joined the company and would assume the role of CEO on Apr. 1. Interim CEO Peter Cuneo, who stepped into position last August when founder Neil Cole stepped down, will transition to executive chairman of the board.
Haugh, who most recently served as president of sun, luxury and retail services at Luxottica, has also been named president and a board member.
“Our board has identified in John a talented and experienced executive who can focus Iconix on accelerating organic growth with our portfolio of brands and on exploring opportunities for new acquisitions,” Cuneo said.
Founded in 2005, Iconix owns, licenses and markets a growing portfolio of consumer brands, including Badgley Mischka, Buffalo David Bitton, London Fog and Danskin. The New York-based company’s shares plunged in December when it came to light that its accounting practices were under investigation by the Securities and Exchange Commission.
Last week, Iconix said that while it was disappointed to restate certain financial results from fiscals 2013, 2014 and 2015, it had no impact on free cash flow and the company said that its core operating business is on track to achieve its projections for last year and 2016.
“During the past six months, I have worked closely with our management team to diligently review our operations, to focus on refinancing our maturing 2016 convertible notes and to work with the SEC to conclude its comment letter process,” Cuneo continued, adding, “We are well positioned for the next stage of growth under John’s leadership and when I transition to executive chairman on Apr. 1, my focus will shift to areas of need where I can best help the company.”
“The company occupies a position of prominence in the industry and holds a tremendous portfolio of iconic brands that account for approximately $13 billion of retail sales globally,” Haugh said. “I look forward to leading a talented management team committed to our next stage of growth as we work with our retail partners to help them maximize the strength that the Iconix brands can bring to their businesses.”