Peter Cuneo was named to the role of executive chairman of the Iconix board.

The company on Monday said Cuneo, who was chairman, will assume his new position immediately. In his new role, Cuneo will be focused on evaluating strategic opportunities, overseeing the financial and legal functions and working toward stabilizing the company’s balance sheet, Iconix said.

Cuneo said, “Iconix is going through a challenging time right now, and we need to be laser focused on building the core business operations, while we also evaluate strategic opportunities and work toward a balance sheet solution. By defining the role of the executive chairman, and increasing my involvement in the strategic and financial direction of Iconix, the board has recognized the importance of having our [chief executive officer], John Haugh, dedicate the bulk of his time to driving growth within our brand portfolio.”

The newly named executive chairman, who has expertise in the media and IP-related industries, has served on Iconix’s board since October 2006, and was previously interim ceo from August 2015 to April 2016.

Haugh will continue as ceo and will remain focused on the core licensing and brand management functions.

Haugh said, “Peter Cuneo is a recognized leader in business turnarounds with intimate knowledge of the Iconix operation model. I am thrilled to have Peter rejoin the management team of the company in his new role….Peter’s involvement will free up more time for me to focus on our core licensing business, while evolving the company to generate future growth.”