Cherokee Inc. has named Henry Stupp as chief executive officer.
Stupp will also join the company’s board. The company said Stupp’s employment contract includes his agreement to purchase $2.5 million worth of shares of the company’s newly issued common stock, including $1.5 million that was purchased on Aug. 26. He has until Jan. 31 to purchase an additional $1 million worth of shares of common stock.
In addition, the compensation committee granted Stupp an option to purchase an additional 300,000 shares of common stock under certain conditions.
Stupp is one of the original founders of Novel Teez Designs, which was later renamed NTD Apparel.
Robert Margolis, executive chairman and founder of Cherokee, said, “Henry has presented us with new and exciting ideas that will further expand upon the company’s successful global network.”