Following a five-month internal investigation, American Apparel has made the decision to officially kick Dov Charney, a 14-year-old on growth hormones, to the curb. Paula Schneider, formerly of Big Strike, BCBG Max Azria and Laundry by Shelli Segal, will move in as the company's first female CEO on January 5, 2015.
Mr. Charney was suspended as president and CEO by the Board on June 18
for alleged misconduct and violations of company policy. Under terms of an agreement signed by Mr. Charney on July 9 , a special committee of the Board oversaw an internal investigation conducted by FTI Consulting into the allegations against Mr. Charney. Based on this investigation, the special committee determined that it would not be appropriate for Mr. Charney to be reinstated as CEO or an officer or employee of the Company. While under suspension as CEO, Mr. Charney had been serving as a consultant to the Company. This relationship has now been terminated.
Schneider is described in the press release as an "experienced executive with an extensive track record in design, merchandising, sales, manufacturing, finance, licensing and human resources." Read the full text here.
Image via Reed Saxon/AP