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.