- Prachi Singh |
Iconix Brand Group, Inc. has announced that it entered into a cooperation agreement with Sports Direct International plc, pursuant to which Sports Direct has the right to appoint two members of the company's board. The company added that Justin Barnes, of IBSL Consultancy Limited, has been appointed to the board with immediate effect and James Marcum, a current member of the board, shall continue to serve as a Sports Direct designee.
"We are pleased to have reached this agreement with Sports Direct, which is in the best interests of the company and all of our stockholders," said Peter Cuneo, Executive Chairman of the board and Interim CEO in a statement, adding, "We look forward to working closely with Justin, and to continuing our positive relationship with Jim, as we continue the process to identify a permanent CEO and take the steps necessary to position Iconix for growth and stockholder value creation."
Sports Direct supports Barnes election to Iconix board
As part of the cooperation agreement, the company will nominate Barnes and Marcum, Peter Cuneo, Drew Cohen, Mark Friedman and Sue Gove for election as directors at the 2018 Annual Meeting. As part of the cooperation agreement, the company further said, Sports Direct has withdrawn its previously announced nomination notice of individuals for election as directors at the annual meeting. Additionally, as part of the cooperation agreement, the size of the board will be no greater than seven members following the completion of the meeting.
Additionally, the Sports Direct has established an ad hoc steering committee to conduct an operational review of Iconix's business. The company said, initial members of the steering committee will be Messrs. Barnes, Marcum, Cuneo and Friedman, Gove and the company's to be named permanent CEO.
Barnes of IBSL Consultancy Limited, Iconix added, previously served as head of brands at Sports Direct and has worked with Sports Direct as a consultant for a number of years. Barnes is also a chartered trade-mark attorney and has significant experience in the field of intellectual property law. He also holds a broad range of operational experience in brand management, licensing and retail.