Cherokee, the apparel and home décor licensing company in Van Nuys, has announced Henry Stupp will be its new chief executive officer and member of the board.
Van Nuys-based Cherokee owns the Cherokee, Sideout and Carole Little brands which it licenses to makers of apparel, footwear and home décor.
As part of his new employment, Stupp has agreed to purchase $2.5 million in Cherokee shares. Robert Margolis, executive chairman and founder of Cherokee, said in a statement this arrangement will align Stupp with the long-term interests of the company’s shareholders. Until the announcement, Margolis was serving as the company’s chief executive.
The Montreal-born Stupp was one of the founders of Novel Teez Designs, a company that manufactures apparel under licensing agreements. During his 20 years with the company, he negotiated more than 200 licensing deals.
In a statement, Stupp said that Cherokee’s strong financial position “provides opportunities to grow our portfolio of brands and pursue prudent acquisitions.”
On the Nasdaq Stock Exchange, shares of Cherokee were down 65 cents, or 4 percent, to $7.37 in mid-day trading.
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