Margolis Up for Executive Chairman at Cherokee
If shareholders agree, Robert Margolis could assume the role of executive chairman at Van Nuys, Calif.–based Cherokee Inc., the licensing and brand-management company whose portfolio includes Carol Little, Cherokee and Sideout.
According to a release from the company, Margolis, who is currently the company’s chief executive officer and chairman, would step down from those roles in February, sparking a search for a replacement chief executive.
Additionally, Howard Siegel, Cherokee’s president, has been promoted to chief operating officer. The company has also promoted three executives to presidents of various regions. Zoe Ann Murphy will head the Americas region, Mark Nawrocki will lead the Europe and Middle East regions, and Larry Sass will take over the Asia, South Asia and India regions. Each president has been given full profit and loss responsibilities for his or her region.
The regions, part of a new structure implemented last fall, are designed to focus Cherokee’s business in those markets and help the company grow its stable of licenses. Since its implementation, a statement from the company said, Cherokee has signed eight new licensing agreements.
Shareholders will have the opportunity to vote on Margolis’ proposed new role on June 4. As executive chairman of Cherokee, he would see his compensation drop dramatically, with a reduced bonus compensation of approximately 50 percent to 60 percent, the release said.—Erin Barajas
