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Cesare Fazari appointed RYU's interim CEO
13 Mar 20 2 min read
RYU Apparel, creator of urban athletic apparel, announced that the board has appointed Cesare Fazari as interim CEO, effective immediately. Fazari's appointment comes after the resignation of Marcello Leone from his positions of CEO and president. Leone will retain his seat on the board of directors and is further appointed executive chairman.
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The board accepted Leone's resignation while expressing significant gratitude to him for the creation and launch of the RYU brand over the last five years.
"I look forward to the next developments and wish Fazari and the RYU team the best for the future" Leone, executive chairman of the board, said in a press release.
The primary task Fazari in his new role is to successfully complete the previously announced private placement financing for a minimum of $7 million as communicated in the news release on February 6th, 2020 and to execute a smooth transition to the proposed Consulting Group as per the news release on January 29th, 2020. Fazari will commence his activities immediately and he will be compensated by receiving 2,000,000 stock options, at the price of $0.05, vested instantly.
Fazari, founding partner of Northwood Developments, with over 30 years of experience in retail real estate developments, has been the seed venture capital investor in several public and private companies. Fazari owns a vast portfolio of over one million sq ft of RE holdings, including residential units, office spaces, commercial retail, industrial space and land. Fazari is also involved in several charitable organisations, including The Breakfast Club of Canada, the Canadian Cancer Society and the Good Shepard Food Bank.
Fibre2Fashion News Desk (JL)
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