Iconix Brand Group Inc. (ICON - Analyst Report) recently announced the appointment of a new chief financial officer (CFO) and a chief operating officer (COO). The company also made some changes to its executive team.
This clothing brand licensing company appointed Jeff Lupinacci as its new CFO. With 20 years of experience in finance, Lupinacci was one of the strong contenders for the position. Currently, he works as the Global Chief Financial Officer of IPG Mediabrands, the media holding company of The Interpublic Group of Companies, Inc (IPG - Analyst Report) and manages finance, technology, and legal operations for 45 offices around the world. In addition, he has extensive experience in M&A due diligence, analysis and negotiation. He also held leadership positions in ARC Worldwide, a marketing services partner of Publicis Groupe S.A. and at JP Morgan Chase & Co. (JPM - Analyst Report).
Lupinacci will replace Warren Clamen, who has been the CFO of Iconix since March 2005. Clamen also held positions of Executive Vice President and Principal Accounting Officer at Iconix. He has been associated with the company for over nine years and has played an important role in the company’s growth owing to his experience in the areas of finance, operations and information technology and licensing. Clamen is leaving the company to pursue other opportunities.
Iconix also announced the appointment of Seth Horowitz as its new COO. Horowitz, currently serving as the President of the Men's Division for Iconix, has in-depth knowledge of the company’s operations and has executed the transition of the Umbro international business model and re-established the Starter brand as a premier athletic brand with NFL, NBA and MLB league collaborations. Prior to joining Iconix, Horowitz served as President for Modell's Sporting Goods.
Rodney Hutton also joined Iconix as Executive Vice President of the Men's Division. Hutton is currently serving as Chief Merchandising Officer for Anne Klein Brands and has been responsible for implementing brand strategies for numerous companies.
Overall, the company has a strong brand portfolio and we believe Iconix’s strategic acquisitions and consistent expansion of licensing agreements will help it maintain strong business in the U.S., Europe and in the emerging markets. The company also has a strong balance sheet, implying enough liquidity.
Iconix sports a Zacks Rank #1 (Strong Buy).
Another Stock to Consider
Another stock which is worth considering is Skechers USA Inc. (SKX - Analyst Report) with a Zacks Rank #2 (Buy).