Reduces Size of Board of Directors From Eight to Five Members
SHERMAN OAKS, Calif., May 01, 2019 (GLOBE NEWSWIRE) -- Cherokee Global Brands (CHKE), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced that it has appointed Patti Johnson to the Company’s Board of Directors. Ms. Johnson began serving as Director and Chair of the Audit Committee effective April 26, 2019.
"As we continue to grow and enhance our company for future success, it is essential that we add new skillsets to our Board. The appointment of Patti Johnson falls right in-line with this goal, and we are honored to welcome her to our Board," said Henry Stupp, chief executive officer. "Patti joins our Board at an exceptional time in the Company's history, as we shift from a direct-to-retail licensing model to one that embraces both wholesale and retail partnerships. Her prior experience managing the financial and accounting operations for large, global retail operations will be a true asset to our team, and we look forward to benefitting from her deep financial expertise and guidance."
Ms. Johnson brings to Cherokee's Board of Directors over thirty years of financial and accounting experience at both public and private companies within the retail sector. Most recently, she served as Chief Financial Officer for Charlotte Russe, a women's clothing company, from 2010 to 2018. Prior to that time, Ms. Johnson held senior financial positions at numerous companies including Senior Vice President of Finance at Petco from 2008 to 2010, Chief Financial Officer for Old Navy, a division of Gap, Inc., from 2003 to 2007 and Chief Financial Officer and Senior Vice President of Finance for Kohl's Department Stores from 1998 to 2003. Ms. Johnson received her BA from California State University, Fullerton and holds a Certified Public Accounting license from the state of California.
"I’m honored to join Cherokee Global Brands’ Board of Directors," said Ms. Johnson. "The world of retail is quickly changing, and Cherokee is at the forefront of this revolution. I look forward to providing my financial expertise to the Company as Cherokee continues to expand globally, through organic growth and select brand acquisitions, while deepening its retail and wholesale partnerships."
To best serve the needs of the Company on a go-forward basis, the Board has voted to reduce its size from eight to five directors effective as of the Company's annual meeting to be hosted on Monday, June 10, 2019. Further details on this change can be found in the Company's proxy statement which was filed today concurrent with this press release.
"I'd like to take a moment to thank our outgoing Board members for their contributions," said Mr. Stupp. "Keith Hull has been a loyal supporter of Cherokee for over twenty years, and I want to acknowledge his valuable guidance over the past two decades. I'd also like to thank Carol Baiocchi and Robert Longnecker who have both provided solid expertise and professionalism as we addressed industry challenges and moved toward greater success. I look forward to working very closely with Patti and our remaining directors to successfully build upon our 360-degree platform of capabilities and position our company for long-term growth and increased profitability and stability going forward," Mr. Stupp concluded.
About Cherokee Inc.
Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Everyday California®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks® and Interceptor®, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license agreements with leading retailers and manufacturers that span approximately 80 countries, with distribution across 20,000+ retail locations and multiple ecommerce platforms.
Safe Harbor Statement
This news release may contain forward-looking statements regarding future events and the future performance of Cherokee Global Brands. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company and its partners will not achieve the results anticipated in the statements made in this release; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Everyday California® and Sideout® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; our level of indebtedness and restrictions under our indebtedness; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. A more detailed discussion of such risks and uncertainties are described in the Company’s annual report on Form 10-K filed on April 23, 2019, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC the Company makes from time to time. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Cherokee Global Brands
Steve Brink, CFO
Addo Investor Relations
Kimberly Esterkin/Patricia Nir
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3e202db5-65bf-494e-bc0b-2eb578c52d2b