IN GOOD FAITH: True Religion Apparel Inc.’s five-month-long quest for a buyer might have gotten just a bit less complicated last week. The company informed Jeffrey Lubell, its founder, chairman, chief executive officer and creative director, that, in light of its continuing review of strategic alternatives, “it would not be appropriate” to renew his employment agreement for another three-year term before it expires June 30. According to a filing with the Securities and Exchange Commission on Friday, he will continue to serve in those capacities and the company said it “would like the opportunity to explore an alternative arrangement with him.” In 2011, Lubell earned $9 million at True Religion, just under $1 million in salary, just over $4 million in a cash bonus and about $3.9 million in stock awards.
This story first appeared in the March 8, 2013 issue of WWD. Subscribe Today.