Cherokee Names New CEO
Cherokee Inc.—the Los Angeles company that licenses the brands Sideout, Cherokee and Carole Little—has named Henry Stupp as its new chief executive officer.
Stupp took over the position from Robert Margolis, Cherokee’s founder and chief executive since 1995. Margolis now becomes the company’s executive chairman.
To show his commitment to the company’s future, Stupp bought $1.5 million of Cherokee common stock, or 81,967 shares, on Aug. 26, his first day on the job, and promised to purchase another $1 million in stock before Jan. 31, 2011. Cherokee’s stock, traded on NASDAQ, closed at $17.70 a share on Sept. 1. Cherokee has about 9 million outstanding shares.
“Henry has presented us with new and exciting ideas that will further expand upon the company’s successful global networks,” Margolis said in a statement.
Stupp, a Canadian who has lived in the Los Angeles area since 1995, is one of the original founders of Novel Teez Designs, later known as NTD Apparel, a Los Angeles supplier for many licensed and branded programs. In 2008, NTD signed a licensing deal with Paul Frank Industries for apparel sold in Canada. In 2009, NTD signed a licensing deal with Norton Motorcycles as its apparel partner in the United States.
The Cherokee brand is sold at Target Corp. stores and other locations around the world.—Deborah Belgum
