The Company’s Board of Directors announce that once the contractually mandated 30-day period expires, Founder and CEO, Dov Charney, will be fired for alleged misconduct. The nature of the misconduct is not being disclosed at this time. Allan Mayer, the company’s co-chairman, says:
We take no joy in this, but the board felt it was the right thing to do. [The decision] was not the result of any problems with the company’s operations.
Charney’s alleged problems did not appear to be criminal in nature but involved his personal conduct with women and poor judgment, said a source familiar with the matter.