Paul Guez stepped down as president and chief executive officer of Blue Holdings Inc. to make way for turnaround specialist Glenn Palmer as the jeans and sportswear company seeks to cut expenses and reevaluate brands such as Antik Denim and Taverniti So Jeans amid a softening denim market.

Palmer, 54, was previously ceo and president of New York's Rafaella Apparel Group, owned by Cerberus Capital Management, where he led a $172 million debt financing program. As ceo of New York's Amerex Group Inc., Palmer reorganized the outerwear and apparel manufacturer and launched a $10 million licensed urban business.

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