American Apparel Inc. on Friday said its board has elected two new directors from Canada, reflecting the influence of recent investments from that country.
The Los Angeles apparel maker and retailer said David Danziger was elected as a director and member of the audit committee and the enterprise risk management committee of the board.
Marvin Igelman also was elected to the board and audit committee, with the company said that he will not join the board until there is a vacancy. The appointments were made at a June 24 board meeting.
Danziger is an accountant and senior partner at Toronto, Ontario audit and accounting firm MSCM. He also is chief executive of Renforth Resources Inc., a Toronto precious metals exploration company. Igelman is a tech entrepreneur who most recently served as a director and chief strategy officer of Poynt Corp., a Calgary, Alberta company that offers mobile location-based search services.
American Apparel in April raised $15 million from a private investment group led by Canadian financier Michael Serruya and Delavaco Capital. The group may add to its equity stake with $28 million in additional investment over the next several months.
“David brings a level of accounting and financial expertise that will be a welcome addition to our board,” Chief Executive Dov Charney said in a statement. “Marv Ingelman is an innovator in the social, mobile, media and search technology areas (whose) insights will be a valuable asset to us in these and other technology related areas of our business.”
American Apparel was warned by the NYSE Amex Exchange in May that it was not in compliance with code because one of its three audit committee directors resigned. The company was given to the end of October to find a replacement.
Shares closed up 2 cents, or 2 percent to 91 cents on Friday.