The board of American Apparel (APP) has defenestrated chairman/CEO Dov Charney related to an "ongoing investigation into alleged misconduct." Charney had faced multiple suits as well as accusations of sexual harassment.
The company taps CFO John Luttrell as interim CEO and Allan Mayer and David Danziger as co-chairmen. APP has officially suspended Charney for 30 days under his employment terms, but voted to replace him after that. "We take no joy in this," says Mayer.
American Apparel will work with a search firm to track down its next CEO.