SHERMAN OAKS, Calif., Dec. 18, 2017 (GLOBE NEWSWIRE) -- Cherokee Global Brands (NASDAQ:CHKE), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced the resignation of Jason Boling as chief financial officer effective January 31, 2018, and the appointment of Steven Brink.
“Since joining our organization, Jason has played an integral role in our leadership team. I would like to thank him for his support and dedication over the past five years and for his valuable contributions to Cherokee Global Brands during this period of global growth and expansion,” said Henry Stupp, chief executive officer. “Throughout his tenure, Jason and his finance team played a key role in reviewing and integrating several strategic acquisitions including Tony Hawk Signature, Flip Flop Shops, Everyday California and most recently, the Hi-Tec portfolio of brands. I respect Jason’s decision to pursue new opportunities and thank him for maintaining high standards of financial compliance during his time with us.”
Mr. Boling added, “It has been a privilege to work with the extraordinary team at Cherokee Global Brands over the past five years. The decision to leave is made easier knowing that a dedicated and talented finance organization is in place that will continue to support Cherokee Global Brand’s future success. I am proud of what Cherokee Global Brands has accomplished during my time at the company and, while I will miss working with my colleagues, I feel this is an appropriate time to move on to the next phase of my career.”
The appointment of Steven Brink as chief financial officer of Cherokee Global Brands will be effective January 2, 2018. Mr. Boling will work closely with Mr. Brink through the end of the company’s fiscal year to ensure an orderly transition in financial leadership.
“I’m pleased to welcome Steve in his new role,” said Mr. Stupp. “Steve is a proven financial leader with deep experience in our focus categories, having served in several leadership positions with public and private global apparel companies. As we look towards our next phase of growth, Steve’s track record of scaling global brands, along with his extensive M&A experience, will prove invaluable. Steve will play a vital role to ensure that Cherokee Global Brands maintains its solid financial foundation as we embark on key growth initiatives in 2018 and beyond.”
In his role as chief financial officer, Mr. Brink will be responsible for overseeing Cherokee Global Brand’s financial functions including accounting, forecasting and investor relations. Mr. Brink will report directly to Henry Stupp, the company’s chief executive officer.
Mr. Brink has held CFO roles at leading public and private global apparel companies, including Quiksilver, Inc. and NYDJ Apparel, LLC. He was instrumental in developing these organizations’ financial operations on a global basis during high-growth periods. He provided financial management, strategic planning, accounting, tax and treasury support, while offering guidance through multiple mergers and acquisitions. Revenues doubled at NYDJ Apparel during his tenure, and while he was CFO of Quiksilver, Inc., it grew from $200 million to over $2.4 billion. Mr. Brink is a certified public accountant and holds a bachelor of science degree in business administration from the California State University of Los Angeles.
About Cherokee Inc.
Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Everyday California®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor® and Flip Flop Shops®, a franchise retail chain, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license and franchise agreements with leading retailers and manufacturers that span over 110 countries in 12,000 retail locations and digital commerce.
Safe Harbor Statement
This news release may contain forward-looking statements regarding future events and the future performance of Cherokee. Forward-looking statements in this press release include, without limitation, express or implied statements regarding: anticipated market developments and opportunities. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company and its partners will not achieve the results anticipated in the statements made in this release; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Everyday California® and Sideout® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. The risks included here are not exhaustive. Other risks and uncertainties are described in our annual report on Form 10-K filed on May 18, 2017, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC we make from time to time, including the preliminary prospectus supplement that we filed in connection with the offering described herein. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Cherokee Global Brands
Henry I. Stupp, CEO
818-908-9868
Addo Investor Relations
Laura Bainbridge/Patricia Nir
310-829-5400