C-SUITE SHUFFLE: True Religion said chief executive officer John Ermatinger is to retire and has installed former American Apparel ceo Chelsea Grayson as interim ceo as the board looks for a permanent successor.
Ermatinger was named to the top spot in 2015, bringing to the position experience after having been ceo of Tommy Hilfiger’s Asia-Pacific region, president of Gap Inc.’s Asia-Pacific division and Levi Strauss & Co. Americas president.
Grayson has been on the True Religion board of directors since last year and was chair of the audit committee.
Her time at American Apparel capped a rough stretch in the company’s history with the departure of its founder, layoffs and two bankruptcies. She had previously served as American Apparel’s general counsel and chief administrative officer before she was appointed to the ceo position in September 2016, succeeding Paula Schneider. Grayson would later find herself shuttling the company through its second bankruptcy filing less than two months after her appointment. Part of the business was ultimately sold to Gildan Activewear Inc.
Grayson, in a statement, said her focus would be to continue the momentum set off by collaborations with Bella Hadid and Manchester United.
TowerBrook Capital Partners paid $835 million for True Religion in May 2013. In July 2017 the denim brand filed for Chapter 11 bankruptcy protection, emerging from it late last year.