December has certainly not been a good month for skeevy retail CEOs. Last week, controversial Abercrombie & Fitch boss Mike Jeffries exited his post as CEO, and today, Dov Charney is officially out at American Apparel.
Charney was suspended from the company in June and was working as a consultant. Since then, there has been an investigation to see whether or not the troubled CEO broke the terms of his employment agreement. “Based on this investigation, the special committee determined that it would not be appropriate for Mr. Charney to be reinstated as CEO or an officer or employee,” the company said in a statement.
Charney’s tenure at American Apparel has been blighted with reports of inappropriate behavior and financial woes. Paula Schneider, an alum of Laundry by Shelli Segal and and BCBG Max Azria will take Charney’s place as CEO starting January 5.
CNBC notes that American Apparel’s stock has already started to go up at least 7 percent since the announcement.
[via Business Insider]
