FINANCE
Lubell Steps Down as CEO of True Religion, Koplin to Take Interim Role
Jeff Lubell, the chairman, chief executive officer and chief creative officer of Vernon, Calif.–based True Religion Apparel Inc., is stepping down from the company he co-founded and will serve as chairman emeritus and creative consultant. Lynne Koplin, president of the company, will serve as interim CEO.
Earlier this month, the board of directors of the $463.7 million premium-denim company announced it would not renew Lubell’s contract, which is set to expire at the end of June. In a True Religion statement, the company’s board of directors praised Lubell’s leadership: “In the last 10 years, Jeff has taken True Religion from a start-up to one of the truly iconic brands in the premium-denim market. Under his leadership, True Religion has become a premier global fashion company—far exceeding its original goals. Jeff’s vision for and commitment to this business have been, and will continue to be, a key driver of True Religion’s success. He has not just made a mark on our company but on the industry as a whole. We are grateful for his contributions to the company.”
Lubell also released a statement, saying, “Now is the right time to facilitate the next phase of the company’s development and growth and for me to seek new creative endeavors.”
Last year, True Religion formed a special committee to “evaluate possible strategic alternatives.” The company retained Guggenheim Securities LLC as its financial adviser and Greenberg Traurig LLP as its legal counsel to help with the strategic review process.—Alison A. Nieder
