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
"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 theMartha Stewart brand
to the Marquee Group for $175 million.
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