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American Apparel appoints first female board director

By FashionUnited

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Troubled fashion retailer American Apparel, which has been through a series

of turbulent changes over the past few weeks, has revealed the names of four members of its board. Among them is the first female director to be taken on by the teen retailer.


Former Chief Executive Officer of media group Fisher Communications, Colleen B. Brown has been appointed as a Class C director to the board, along with Radio Shack CEO, Joseph Magnacca, whose terms will end in 2016.

David Glazek, partner at investment firm Standard General and Thomas J. Sullivan, management partner at a financial advisory firm, a class A and class B director whose terms end in 2017 and 2015 respectively. The four are set to join the two-co chairman of the retailer's former board, David Danziger and Allan Mayer.

“This slate of directors brings significant financial, retail, and corporate turnaround expertise to the board,” commented Glazek in a statement. Glazek reportedly highlighted that he would be working with the new board members “to leverage the company’s strong brand for the benefit of shareholders, creditors, employees, and the Los Angeles community.”

The call for a revised board is said to part of the agreement American Apparel made with New York hedge fund Standard General, which acquired 27 million shares in the retailer last month, after the Los Angeles-based apparel company ousted its controversial CEO Dov Charney. The deal may grant the retailer up to 25 million dollars in funding, also offers Charney the provisional title of strategic consultant

According to the agreement, Standard General was granted the right to select three new board members, whilst the other two members were to be mutually chosen by the retailer and the hedge fund. An announcement regarding the remaining seat on the board is believed to come over the next few days.

The new board is thought to be effective from 2 August, as it will take ten days from American Apparel's SEC filing before the board can be reconstituted and hold its first meeting. Charney, who has resigned from the board, is unable to serve as a board member and cannot be nominated by the company or the hedge fund as a board member.

Charney remains on suspension from his CEO and chairman roles within the company, pending the findings of an internal investigation regarding gross misconduct. John Lutrell, executive vice president and chief financial officer is currently serveing as interim CEO.

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