American Apparel, Los Angeles, has released the names of four new board members, including the first female director in the company’s history, according to the Los Angeles Times.
The board adjustments are part of an agreement with New York-based investment firm Standard General, which recently offered American Apparel $25 million in financial assistance.
Standard General controls about 44% of American Apparel through a cooperative buying agreement. The recent agreement, made with former Chief Executive Dov Charney, also required that the ousted executive resign from the retailer’s board.
The proposed new directors include: Joseph Magnacca, chief executive for Radio Shack; Thomas J. Sullivan, managing partner of a financial advisory firm; Colleen B. Brown, previously chief executive of media firm Fisher Communications; and David Glazek, a partner at Standard General. Of the previous board members, only David Danziger and Allan Mayer will remain.
A special committee of the board will determine Charney’s role moving forward. He currently is working as a paid consultant for American Apparel pending the results of an investigation into his personal behavior, according to the report.
Standard General has said it is committed to American Apparel’s made-in-the-United-States model, and plans to help improve the retailer’s operations, including investing in e-commerce, and opening new stores domestically and internationally. — L.M.
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