Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company"), today announced the addition of two new independent members to its Board of Directors, Sanjay Khosla and Kristen O'Hara, effective immediately. These appointments follow a Board-initiated search process for new independent directors that took place over the last four months, and was overseen by the Board's Corporate Governance/Nominating Committee with the assistance of Herbert Mines Associates, a nationally-recognized, independent search firm.
Mr. Khosla is a seasoned executive with a proven track record of success in transforming international businesses, and has worked and lived in the United States, Europe and Asia. He brings more than 35 years of global executive leadership experience with premier consumer product companies, including Kraft, Fonterra, and Unilever, helping to grow and market iconic brands, such as Cadbury, Oreo, Milka and Trident, among others. Mr. Khosla is also an experienced board director in diverse industries. He currently serves on the board of directors of Zoetis Inc. and NIIT Ltd, and previously served on the boards of Hindustan Unilever, Best Buy Inc. and Big Heart Pet Brands.
Ms. O'Hara is a marketing and advertising executive with expertise in social and digital media, as well as data analytics and technology. In her current role as Chief Marketing Officer, Global Media, of Time Warner Inc., she drives the marketing strategy and business innovation for the $58 billion media and entertainment company by leveraging consumer insight, data and new technology platforms.
"We are thrilled to welcome Sanjay and Kristen to the Iconix Board," said Peter Cuneo, Executive Chairman of Iconix. "The appointments announced today, as well as the appointment earlier this year of John Haugh as Iconix's new CEO, reflect our commitment to ensuring that we have exceptional leaders with the right mix of skills and experience to fully capitalize on our strengths and drive improved performance and value creation at Iconix."
Iconix also announced that the Company will nominate Kenneth Slutsky for election at the Company's 2016 annual meeting of stockholders. Mr. Slutsky is an investor in both private and public sector enterprises. His experience spans numerous industries including: technology, energy, real estate and financial services.
Mr. Cuneo continued, "Sanjay, Kristen and Kenny each brings a fresh new perspective and unique skill set including international expertise, new media, technology and finance that will further diversify and strengthen our Board. We are confident that their insights will contribute to the growth of our brand portfolio."
Barry Emanuel, a current member of the Board, intends to retire from the Board upon completion of his current term at the Company's 2016 annual meeting of stockholders.
"As we expand the Board with these new additions, we would also like to thank Barry for his contributions as a director over the past 20 years. Barry has more than 50 years of experience in the textile industry, and his industry knowledge and expertise have been invaluable to Iconix as it transformed into the global licensing and brand management company that it is today. We wish him all the best."
Following the changes announced today, the Iconix Board will be comprised of nine directors, including seven independent directors. Further, subject to stockholder approval of Mr. Slutsky at the 2016 annual meeting of stockholders, more than half of the Company's directors will be new to the Board in the past two years.
Iconix also announced that it has entered into an agreement with Huber Capital Management, LLC ("Huber"), reflecting Huber's support of the Company's slate of directors for election to the Board at the Company's 2016 annual meeting of stockholders. Pursuant to the agreement, Huber has agreed to certain standstill and related commitments through 15 business days prior to the deadline for submission of stockholder nominations for directors for the Company's 2017 annual meeting of stockholders.
The full agreement with Huber will be filed on a Current Report on Form 8-K with the Securities and Exchange Commission (the " SEC").