RYU Apparel Inc., the Vancouver-based activewear brand, announced the resignation of Marcello Leone, shown above, from his position as CEO and president. Cesare Fazari was appointed interim CEO, effective immediately.
Leone will retain his seat on the board of directors and is further appointed executive chairman.
The Board accepted the resignation while expressing significant gratitude to Leone for the creation and launch of the RYU brand over the last five years.
“I look forward to the next developments and wish Mr. Fazari and the RYU team the best for the future,” said Leone.
The primary task for 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 6, 2020, and to execute a smooth transition to the proposed consulting group as per the news release on January 29, 2020. Fazari will commence his activities immediately, and he will be compensated by receiving 2 million stock options, at the price of C5 cents a share, vested instantly.
Cesare 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 both public and private companies. He owns a vast portfolio of over one million square feet of RE holdings, including residential units, office spaces, commercial retail, industrial space, and land. Fazari is also involved in charitable organizations including The Breakfast Club of Canada, the Canadian Cancer Society and the Good Shepard Food Bank.
Photo courtesy RYU Apparel
