Peter Cuneo is serving a second tour as interim chief executive officer of Iconix Brand Group Inc. following the resignation of John N. Haugh.
Iconix said it has retained an executive search firm to help it identify a permanent ceo for the company.
Haugh’s resignation is effective immediately. He started at the company in February 2016 as president and added the title of ceo on April 1 that same year.
Cuneo, who has completed seven turnarounds of distressed companies since 1983, was on the Iconix board when he became interim ceo from August 2015 to April 2016. He is executive chairman of the Iconix board.
“I am committed to helping Iconix as interim ceo at this important time in the company’s history,” Cuneo said. “We are addressing the challenges facing the company head-on, and are moving forward with focus and a sense of urgency.”
Drew Cohen, Iconix’s lead independent board director, said: “The Iconix board regularly evaluates leadership to ensure that we have the right mix of skills and experience in place to drive growth and value creation for all of our shareholders. Iconix has made steady progress on a range of financial initiatives, including strengthening our balance sheet and addressing near-term debt obligations.”
Cohen added, “We are fortunate to have someone of Peter’s caliber, with an extensive track record of revitalizing leading consumer brands and direct experience leading Iconix [while] we identify a permanent successor.”
In May, the company posted first-quarter earnings of $32.7 million, compared with a net loss of $4.3 million a year earlier. At the time, Haugh said the company was evolving its business into three areas: brand partnerships with retailers still in the start-up phase, reinvention of several legacy brands and direct-to-retail and licensee relationships for many of its core brands.
And as Cohen noted, the company over the past three years has been focused on improving its balance sheet and refinancing certain debt obligations.