There’s been a changing of the guard at Hampshire Group.
On Tuesday, the sportswear manufacturer named Paul Buxbaum chief executive officer, succeeding Heath Golden, who resigned as president, ceo and a board member. Golden has been with Hampshire since 2005 and has been ceo since August 2009.
“Heath Golden has overseen Hampshire through a difficult period in its history and led a transformation of our business, resulting in a company with prospects of growth and profitability,” said Peter Woodward, chairman. “On a personal level, we wish him the best.”
The change pushed shares of Hampshire up 14.8 percent to $3.10 in early trading. Hamsphire shares closed at $3, up 30 cents, or 11.1 percent.
Buxbaum, 57, joined Hampshire in 2011 after the company bought Rio Garment. He is a member of the company’s board and was previously ceo of Haggar Clothing Co., a post he left in April. He is also the principal at the Buxbaum Group, a turnaround consultancy and one of the largest liquidators and appraisers of retail and wholesale inventories in North America.
The company said long-time board member Herbert Elish would also retire.
Buxbaum said that as Hampshire’s “largest independent shareholder,” the board decided that “someone with my experience would be a better fit to grow the company in the future.”
He credited Golden with doing “a nice job managing through legal and administrative” issues. He said his goals for Hampshire are to grow the company’s “platforms” that include its sourcing arm, its recently expanded licensing deal with Dockers for knits and wovens and its Rio manufacturing division. “We’re creating a product development department that we look at as an opportunity. Everybody is looking for the ability to go factory-direct today.”
Buxbaum also said he would consider acquisitions of “middle market companies” that can “leverage” Hampshire’s internal synergies. “That’s my background. I buy companies and make them strong and healthy.”
Hampshire said it expected to be profitable in the second half of 2012, on an adjusted basis before interest, taxes, depreciation and amortization.
Golden said: “At this point in time, I believe the company is well positioned for profitable growth and that Paul Buxbaum has the skills required to drive operational execution. I depart knowing that the company is in capable hands and look forward to observing its continued growth.”
He could not be reached for additional comment Tuesday.
Under the terms of the separation agreement, Golden will receive 18 months salary, or $675,000, as well as a one-time payment of $10,000 for providing consulting services to the company through Feb. 14.
In the three months ended Sept. 29, Hampshire cut its net loss to $1.5 million, or 20 cents a diluted share, from a loss of $1.8 million in the third quarter of 2011. The operating loss declined by more than half, to $1.4 million from $3 million a year ago, as selling, general and administrative costs fell 3.7 percent to $8.3 million.
Sales rose 8.4 percent to $36.3 million from $33.5 million.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)