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American Apparel hires new Acting President

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US based fashion retailer American Apparel has announced that Tom Casey has been appointed as its new Acting President.

Casey was formerly Chief Financial Officer and Executive Vice President of Blockbuster and has over 24 years of financial management and strategic planning under his belt.

His primary responsibilities will be to develop the strategic plan for the company’s future, including the hiring of new senior executives, and he will report directly to Chairman, CEO and founder of American Apparel Dov Charney.

Carney commented: “I am excited that Tom is joining American Apparel. Tom’s team building skills, strategic perspective and senior management experience will help us build a great future for the company.

“We believe Tom will be instrumental in our efforts to continue to build our management team and bring additional operating disciplines to the business.”

Last week the American retailer revealed that it had secured an extension to the credit agreement with Lion Capital which eliminated the minimum Consolidated EBITDA covenant up until December 31st.

At Blockbuster Casey was responsible for strategic planning, finance and accounting amongst other duties.

Casey also worked for 20 years as a financial adviser to companies undergoing strategic change in the retail and consumer products industry, he has also served as Managing Director of Deutsche Bank.

“American Apparel presents a very special opportunity. I admire American Apparel’s commitment to creative thinking and fair treatment of its textile and apparel workers,” Casey said.

“I see American Apparel in the early stages of its development and I believe that my experience can help shape the company’s future.”

Published on Friday 08 October by Editorial Assistant

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