RYU announces new CEO
RYU Apparel Inc. has found a new successor, following the resignation of the brand's founding-CEO, as well as its director of the company.
The Vancouver-based company on Tuesday named Cesare Fazari as chairman of the board and CEO.
Fazari has been acting as interim CEO since March, following the resignation of Marcello Leone from his positions of CEO and president. It was also announced that Martino Ciambrelli has resigned as director of the company.
"I would like to thank Mr. Leone and Mr. Ciambrelli on behalf of the Management team and Board for their contributions over the past five years," said Fazari.
"Mr. Leone, as CEO of RYU, was instrumental in the creation and launch of the RYU brand and establishing RYU as an award winning Urban Athletic Apparel and accessories brand engineered for fitness, performance and lifestyle. RYU is widely recognized for fit, comfort and durability by both male and female consumers.”
Fazari is a founding partner of Northwood Developments, with over 30 years of experience in retail real estate developments.
The management reshuffle follows restructuring plans for 2020, revealed earlier this year, as the company disclosed that it was facing a funding shortage.
Moving forward, Fazari will evolve the brand’s business model to focus primarily on online sales in addition to key retail locations in major markets including Vancouver, Toronto, New York and Southern California.
"In the weeks ahead I will be providing our shareholders and other stakeholders with a significant update on the strategic direction and financing efforts of the company, I would also like to thank our shareholders and employees for their continued support,” he said.
The strategy is in line with the company’s previously announced restructuring plans, which included the closure of several mall locations (closed earlier this year) and a focus on e-commerce.
Leone will receive 8,000,000 common shares at a deemed price of $0.04 per share to address all remaining payment obligations under his employment agreement.
Leone took it upon himself to reinvent RYU in 2015. Having first invested in the apparel line in 2011, he went on to fully acquire it in 2015, overseeing its transformation from mixed-martial-arts brand to athletics maker.
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