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The Board of Directors of Sequential Brands Group, Inc. (OTC:SQBG) ("Sequential" or the "Company") today announced that Yehuda Shmidman has joined the Company as its Chief Executive Officer, that he will join the Board of Directors, and that Colin Dyne has resigned effective immediately to pursue other opportunities.
“We are thrilled to welcome Yehuda Shmidman to Sequential Brands Group,” commented William Sweedler, Chairman of Sequential. “With Yehuda’s proven track record, we are confident that we have the leader in place to execute our brand management and licensing playbook going forward. Sequential is embarking on the launch of the William Rast brand at J.C. Penney, and it has signed new cornerstone licensing agreements for its DVS and People’s Liberation brands. Under Yehuda’s direction, we look forward to Sequential continuing to build on the organic growth of its current brands and executing its pipeline of accretive acquisitions. This is an extraordinarily exciting time for our Company.”
Yehuda Shmidman previously served as Chief Operating Officer of Iconix Brand Group, Inc. (NASDAQ:ICON) (“Iconix”), the second largest licensor in the world after Disney and one of the largest apparel licensors in the world, with an estimated $12 billion in annual retail sales generated from its brand portfolio in 2011. Mr. Shmidman joined Iconix in the fall of 2005, the first year of Iconix’s transformation to a pure-play brand licensing company. Over the span of seven years with the firm, Mr. Shmidman held multiple positions of increasing responsibility, ranging from head of global business development to direct involvement with corporate initiatives related to mergers & acquisitions, global joint ventures, corporate finance, and investor relations, which led to his promotion to COO in 2010.
“I believe Sequential is uniquely positioned to become one of the leading brand management platforms in the world, and I am thrilled to be joining the organization as CEO to lead the charge,” Mr. Shmidman stated. “In establishing the vision of this Company, and by providing the capital to execute, Bill Sweedler and Tengram Capital Partners founded Sequential with a clear business plan and an equally clear path to achieve its growth objectives. I am delighted for the opportunity to lead the team, and I am looking forward to working closely with the Board of Directors to build Sequential Brands Group in the years ahead.”