NexCen Brands Appoints New Chief Financial Officer
NexCen Brands Inc., parent company of Maggie Moo's, The Athlete's Foot, Great American Cookies, Pretzel Time, Pretzel Maker, Marble Slab Creamery, Shoe Box New York and non-franchised Bill Blass, announced yesterday the appointment of Mark Stanko as its new chief financial officer, along with news of the appointments of several other key executives. Stanko has served as the CFO of subsidiary NexCen Franchise Management Inc. since April of this year.
Prior to joining NexCen, Stanko was a regional controller at Levitt Corporation and had a 16-year career at Ernst & Young LLP.
After NexCen's chief financial officer David Meister left the firm at the beginning of this year, a $35 million accelerated redemption, stemming from the firm's acquisition of Great American Cookies, was discovered. The firm, not expecting this, found it could not afford to pay the note fees coming due. This led to CEO Bob D'Loren announcing that he doubted the firm's survival, then to his resignation. It also sent NexCen Brands Inc. tumbling into bankruptcy court and to the eventual restructuring of its debt.
A company spokesperson said it was Mr. Ken Hall who discovered the problems of unanticipated accelerated redemption fees after his appointment to chief financial officer on March 25 of this year. When CEO Robert D'Loren resigned on August 15, 2008, Mr. Hall took his place as chief executive officer, leaving the CFO position vacant up until Mr. Stanko's appointment.
In news of other NexCen appoointments, William Dolan has been appointed to the new position of assistant controller of NexCen Brands Inc., Martin Amschler has been promoted to chief development officer for NexCen Franchise Management and Pam Price has been appointed vice president of domestic development for NexCen Franchise Management.
Regarding the new assignments, NexCen Brands CEO Kenneth J. Hall declared, "We have significantly enhanced our management team through these promotions and appointments."
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