Danziger departs American Apparel board
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.