Jamie Salter has officially passed the baton.
The founder and chief executive officer of Authentic Brands Group on Wednesday said that Matt Maddox, the former Wynn Resorts executive who joined Authentic as president in January, will become president and CEO. Salter will transition to executive chairman.
As a result, Authentic is expected to once again explore taking the company public. Salter told CNBC he expects that to happen within the next 12 months.
The news is not all that surprising. In an interview with WWD in September, Salter said he expected to revisit the idea of an initial public offering within two years and that he was positioning Maddox to take the helm of the company. He would be “an excellent CEO that the Street can rely on,” Salter said at the time.
Salter said then, and reiterated Wednesday, that he will remain deeply involved in Authentic’s business, focusing on strategic global growth, including mergers and acquisitions, global partnerships and alliances, and other long-term strategic priorities. Maddox will continue to report to him and will execute the day-to-day operations of the company, “with a mandate to scale the platform, drive organic growth across the portfolio, and deepen long-term value creation for shareholders and partners,” the company said.
This would not be the first time Authentic has attempted to go public. In fact, the company had filed papers twice before but then retreated from the idea as different private equity investors came forward to further fund the company. But Salter has said publicly that he wants to grow Authentic to a $100 billion company over the next five years and going public may be the best way to achieve that goal.
“This is an exciting step for all of us at Authentic,” said Salter. “I am energized by what lies ahead and as committed as ever to the future of this company. As founder and executive chairman, I will continue to do what I’ve always done: being laser-focused on driving strategic, transformational opportunities that will position our peerless company for continued growth. I’ll remain actively involved, partnering closely with Matt and the entire leadership team, as we continue building the world’s leading brand, marketing, and entertainment platform.”
“Authentic has built one of the most powerful and differentiated global commerce platforms in the consumer ecosystem,” said Maddox. “I look forward to working side by side with Jamie to build on that foundation and accelerate our growth. Authentic’s leadership bench is exceptional, and it is a privilege to step into the role of CEO and lead a team of this caliber forward. The opportunity ahead is significant, and we are just getting started.”
Since its founding 16 years ago, Authentic has grown into a global platform spanning sports, entertainment, fashion, and culture. Its portfolio includes more than 50 brands that generate $38 billion in retail sales. Among its highest profile brands are Reebok, Champion, Sports Illustrated, Guess and Brooks Brothers.
