Sequential Brands Group Inc. said Chief Executive Yehuda Shmidman will step down from that position after about five years with the company. Shmidman is also stepping from the board of directors. The consumer brands company, which brands include Martha Stewart, Jessica Simpson and Avia, named Karen Murray as its new CEO, and appointed her to serve as a director. Murray was most recently president of VF Corp.’s VF Sportswear subsidiary, which brands included Nautica and Kipling. Sequential Brands’ stock, which was still inactive in premarket trade, has tumbled 20% year to date, while the S&P 500 has gained 4.7%.
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