Sequential Brands Group CEO Steps Down

Executive shakeup comes as the company’s board of directors review strategic alternatives focused on maximizing shareholder value.

License Global

October 7, 2019

1 Min Read

Sequential Brand Groups has announced that Karen Murray has stepped down as director and chief executive officer of the company.

The company board has begun a search for her replacement. Murray will continue to serve as a senior advisor for the company and assist the company in strategic opportunities in a new role.

Chad Wagenheim, executive vice president, strategic development and operations, has also been promoted to president and will assist the Sequential Brand Groups during this transition period.

"I'm looking forward to serving as president and assisting Sequential during this transformative time," says Wagenheim. "We have a strong portfolio of brands, blue-chip base of licensees and solid lender relationships. With our recently-restructured lending agreement and no upcoming debt maturities, we are fully focused on executing against our plan to drive growth and right-size our expense structure given the current size of the company."

The move comes as Sequential Brands Groups announces its Board of Directors has begun a review of strategic alternatives focused on maximizing shareholder value. Potential options include the divestiture of one or more existing brands, the acquisition of one or more new brands and a stock buyback program. The Board has engaged Stifel to serve as its exclusive financial advisor to assist in this process.

"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," says William Sweedler, chairman, Sequential Brand Group.

Earlier this year, Sequential Brands Group sold the Martha Stewart brand to the Marquee Group for $175 million.

Read more about:

Sequential Brands Group

About the Author(s)

License Global

License Global is the leading news source for the brand licensing industry, delivering award-winning editorial content including news, trends, analysis, and special reports about the global consumer product and retail marketplace.

Through its print edition, website, daily e-newsletter and event publications, License Global reaches more than 150,000 executives and professionals in all major markets. The magazine also serves as the official publication for the sector’s trade events, which include Licensing Expo, Brand Licensing Europe, Licensing Expo Japan, Licensing Expo Shanghai and the Licensing Leadership Summit.

Subscribe for updates directly into your inbox.




Subscribe and receive the latest news from the industry Article
Join 62,000+ members. Yes, it's completely free.

You May Also Like