New York Post

Danziger departs American Apparel board

- By LISA FICKENSCHE­R lfickensch­er@ nypost. com

A week after American Apparel fended off a proxy fight, board member David Danziger suddenly resigned the seat he had held since 2011.

The beleaguere­d company did not comment on his resignatio­n, but disclosed in a regulatory filing that Chief Executive Paula Schneider would succeed him on the nineperson board.

For the past year, the Los Angelesbas­ed retailer has been locked in a bitter battle with its founder and ousted CEO Dov Charney, who remains its largest shareholde­r and has vowed to return to the company in a leadership position.

As part of its agreement with the shareholde­r who introduced the proxy fight, Jeffrey Kolb, American Apparel agreed to form an advisory committee to select an independen­t director before its 2016 annual meeting. The committee will be headed up by one of Kolb’s board candidates, Gene Montesano, the cofounder of Lucky Brand jeans.

Several shareholde­rs had called for Danziger’s resignatio­n, including Michael Bigger, of The Bigger Capital Fund, which held 2 million shares in the company — and now has just 100.

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