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American Apparel Inc's board suspends Dov Charney as CEO and declares intent to terminate him for cause; Names John Luttrell as interim CEO

Wednesday, 18 Jun 2014 10:32pm EDT 

American Apparel Inc:Says the board of the company voted to replace Dov Charney as chairman and notified him of its intent to terminate his employment as president and ceo for cause.It is expected that termination will be effective following a 30-day cure period required under terms of Charney's employment agreement.Board suspended Charney from his positions as president and ceo, effective immediately, pending the expiration of the cure period.At same time, the board appointed John Luttrell as interim chief executive officer.Also effective immediately, the board appointed Allan Mayer and David Danziger as co-chairmen to replace Charney as chairman of Board.In accordance with terms of his employment agreement, the board intends to request Charney's resignation as a member of the board concurrently with effective time of his termination. 

Company Quote

-0.0149 -2.33%
21 Nov 2014