By  on June 19, 2009

Philosophy Inc., the prestige beauty brand, is in the market for a new chief executive officer following Michael McNamara’s decision to exit.

The Chandler, Ariz.-based company said Thursday the board and McNamara have “mutually agreed” not to renew his contract, which expired May 15. While a new ceo is sought, Ken Stevens will act as interim chief, and founder Cristina Carlino will continue as executive chairman.

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