CHEROKEE NAMES SEYHUM OPERATING CHIEF, NOVAK PRESIDENT OF SALES AND MARKETING
NEW YORK — Michael Seyhun has been named chief operating officer of Cherokee Inc. and Joe Novak adds the title of president of sales and marketing for the apparel division.
Seyhun has been president of Cherokee Shoe and will continue in that post. As chief operating officer, he assumes duties formerly held by Bryan Marsal, who has resigned as interim chief executive officer but remains as a director.
Joe Novak continues as president of Cherokee Licensing along with his new apparel post. In his apparel duties, he succeeds Joseph Elles, formerly president of the apparel division, who has left the company. Elles could not be reached for comment.
In other moves, Cary Cooper, Cherokee’s chief financial officer, Michael Singer, president of Cherokee Uniforms, and Seyhun have also been named as directors of Cherokee, and with Marsal, will serve as directors until the completion of Cherokee’s prepackaged plan of reorganization.
Novak, Singer and Cooper will report directly to Seyhun.
In connection with the management changes, Cherokee has revised its 1995 forecast contained in its prepackaged Chapter 11 plan disclosure statement of Oct. 8, 1994.
For the fiscal year ending May 1995, Cherokee’s revised forecast now projects net sales totaling $91 million, down from $96.1 million previously projected; gross profits of $16.9 million, down from $26.2 million previously projected, and that EBITDA will total negative $7.5 million, down from negative $1.7 million previously projected.
The revised forecast results primarily from management’s decision to accelerate the sale of the Apparel Division’s excess inventory.