Tom Nolan, the president and chief executive officer of Prospect Brands, has resigned.
Nolan founded Prospect Brands LLC in partnership with McCarthy Capital Fund V, an Omaha-based private equity firm, in October 2012. North Carolina-based Prospect Brands is the holding company for Duck Head, Gyde and Crittenden.
In an e-mail Thursday, Nolan wrote: “It’s difficult to leave the company that I founded, but I’ve really enjoyed the time that I’ve spent building Duck Head, Gyde and Crittenden as well as all the lessons I have learned along the way. Most importantly, I’m thankful for the forever partnerships, friendships and family we’ve built over the last few years. As hard as it is to say goodbye, I’m looking forward to the future and the new challenges it will bring. I wish the company every success in its future endeavors and I hope to talk with you all soon.”
Nolan told WWD that the decision to leave was hard since he views the company as “one of my kids. But it was the right time.” He said he’s uncertain of what he’ll do next, but is currently “sorting through the next steps.”
Before starting Prospect Brands, Nolan was senior vice president of golf and tennis for Ralph Lauren, was a publisher at Condé Nast and a regional sales manager for Ziff Davis.
Since acquiring Duck Head in 2013, Nolan has been building the venerable brand, which was founded in 1865, into a men’s lifestyle label. In 2014, the company acquired Crittenden & Co., a high-end men’s wear label centered around tailored clothing. Gyde is a wearable technology outerwear brand.
Nolan said he did not know Prospect’s plans for the labels and Steve Wuebker, chief operating officer of Prospect Brands, did not respond to a request for comment on the company’s future.