USA – The textile specialist American Apparel has announced plans to appoint four new members to its board of directors, following a recent agreement with investment firm Standard General. As part of this deal, which provided American Apparel with 25 mil. US Dollars (approx. 18.6 mil. Euros) in financing and gave Standard General a 44% stake in the California manufacturer, embattled CEO Dov Charney agreed to resign from his board position. Charney had been dismissed in June 2014. According to the official declaration of June 18, 2014, “Investigations concerning possible misconduct” had been initiated against the company founder.
The newly-proposed directors are Joseph Magnacca, Thomas J. Sullivan, David Glazek, and Colleen B. Brown. The board is poised to retain directors Allan Mayer and David Danziger, who in June drove an effort to suspend Charney for alleged misconduct. According to official sources, Standard General, along with a special committee, continues to investigate Charney’s alleged behavior and will ultimately determine his future role in the apparel firm. Presently, Charney is serving as a paid American Apparel consultant.