Jamie Salter, who founded Authentic Brands Group in 2010 and grew it into a brand management powerhouse, has stepped down as chief executive officer of the firm.
Matt Maddox, who has been president for over a year and will retain that role, has been promoted to replace him as CEO. He will take over day-to-day operations, though he will report to Salter.
The founder has transitioned to executive chairman of the board and “will remain deeply engaged in the business,” the company said on Wednesday. Salter will continue to oversee “strategic global growth, including mergers and acquisitions, global partnerships and alliances, and other long-term strategic priorities.”
The acquisition of intellectual property — sometimes on the cheap via bankruptcy, as when the company snagged the likes of Brooks Brothers, Aéropostale and Rockport — has allowed Authentic to profit from brands while leaving operations to other entities.
That includes Catalyst Brands, which runs J.C. Penney and several other names in Authentic’s stable. Recently the Catalyst unit running Eddie Bauer filed for bankruptcy and ended up closing all stores after Authentic contracted the brand’s e-commerce to another company.
Authentic’s portfolio now includes more than 50 brands, including Reebok, Champion, Guess, Nautica, Lucky Brand, Nine West, Juicy Couture, Vince Camuto, Izod, Barneys New York and Quiksilver. They also include personalities – living and not – like Shaquille O'Neal, David Beckham, Kevin Hart, Elvis Presley, Muhammad Ali and Marilyn Monroe.
The company also owns 77% of an entity that controls a perpetual master license to luxury stores Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, whose parent, Saks Global, is now in bankruptcy.
“I will continue to do what I've always done: being laser-focused on driving strategic, transformational opportunities that will position our peerless company for continued growth,” Salter said Wednesday. “I'll remain actively involved, partnering closely with Matt and the entire leadership team, as we continue building the world's leading brand, marketing, and entertainment platform."
The strategy isn’t bulletproof, however. Salter two years ago said he laments picking up the Forever 21 brand in 2020 in partnership with mall operators Simon and Brookfield, calling it “probably the biggest mistake I made.”
At that time he said Authentic was likely to go public within 18 months. On Wednesday he told CNBC the company could IPO within a year. Authentic pulled the plug on an initial public offering in 2021 after selling “significant” equity stakes to private investment firms.
