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March 1, 2013
17:50 EDTTRLGTrue Religion elects not to extend CEO contract, seeks alternative arrangement
True Religion disclosed in a regulatory filing that Jeffrey Lubell, chairman of the board, CEO and creative director of True Religion Apparel was informed on February 26, that the company had determined not to extend the term of his employment agreement at the time of its scheduled termination on June 30. In October 2012, the company announced its board of directors had formed a special committee comprised of its non-management directors to explore and evaluate potential strategic alternatives available to the company. In light of this continuing review, the company believes that it would not be appropriate to renew the employment agreement for an additional three-year period at this time. The company further informed Lubell that it would like the opportunity to explore an alternative arrangement with him.
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