In one fell swoop, Vernon, Calif.-based True Religion Apparel (NASDAQOTCBB:TRLG.DL) lost its chairman, chief executive officer, and creative director on Tuesday, when founder Jeff Lubell decided to resign. Lubell says he will stay on as a "creative consultant" to the company he founded for two years.
True Religion advised in a statement that its Board of Directors has appointed company President Lynne Koplin to take over as interim CEO. How long Koplin might hold that post is not clear, however.
True Religion announced back in October that its board is in the process of reviewing "strategic alternatives" for the company -- a phrase that often refers to an effort to sell the company. In the event of such a sale, it's possible that True Religion's new owner might prefer to choose its own candidate to run the company.
Before news of Lubell's departure, True Religion shares traded down Tuesday, falling 0.8% to close at $27.16.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.