Iconix Brand Group Inc. named Robert Galvin chief executive officer, bringing in new experience in branding, refinancing and cost restructuring.
Interim ceo and chairman Peter Cuneo is shifting into the role of executive chairman.
The brand specialist could use some reworking in its balance sheet. The company has total debt of $717.6 million, according to S&P Capital IQ. That tallies about eight-times the company’s annual earnings before interest, taxes, deprecation and amortization annually.
Shares of Iconix fell 6.6 percent to 21 cents in trading Monday, leaving it with a market capitalization of $14.8 million.
Galvin, who is also serving as president and a director at the company, is getting right down to work. His first day is Monday.
The new ceo has nearly 30 years of experience leading brands. Most recently, he was chairman of Cherokee Inc., but he’s also served as chief operating officer and European president of Sports Brands International, ceo of Elie Tahari and president of Camuto Group and chief financial officer of Nine West Group Inc.
Iconix noted that he was “instrumental in the refinancing of material indebtedness and cost restructurings at Cherokee and SBI.”
“His past leadership experiences in our industry bode well for Iconix,” Cuneo said. “He will hit the ground running. Bob has also been very successful when faced with particularly fluid situations. His unique skills in this regard make him a good match to the current challenges facing Iconix. He is an adept problem solver.”
For his part, Galvin said: “Iconix maintains a prestigious portfolio of brands and known stature in the industry. I will be working closely with all of our partners and our leadership team to broaden our presence and position our brands to maximize their potential.”
Iconix’s brand portfolio includes Candie’s, Joe Boxer, Mossimo, London Fog, Ocean Pacific, Zoo York, Umbro, Ecko Unltd and more.