Sequential Brands Group, Inc. has announced that its board of directors is conducting a broad review of strategic alternatives focused on maximizing shareholder value including the divestiture of one or more existing brands, the acquisition of one or more new brands, a stock buyback program, and other initiatives. The company also announced departure of Karen Murray as director and CEO of Sequential and that Chad Wagenheim, EVP of Strategic Development and Operations, has been promoted to President and will assist the company during this transition period.
“After having received unsolicited interest for several of our brands from multiple parties, Sequential’s board of directors is engaging in this formal process to ensure that we are evaluating all alternatives to best further the interest of our shareholders,” said William Sweedler, Chairman of Sequential in a statement.
The board has engaged Stifel to serve as its exclusive financial advisor to assist in this process.
“I’d like to thank Karen Murray for her leadership and the contributions she has made during her tenure with the Company as CEO. Chad has been and continues to be an integral part of our executive team. With his demonstrated operating expertise, strategic leadership and focus on results, we’re confident in his ability to help lead Sequential through this next phase,” added Sweedler.