Spy CEO Michael Marckx is vacating his position and his seat on the board of directors, Spy reported Monday in an SEC filing.
His last official day in the CEO role was Aug. 14, but he will remain an employee of the company until Dec. 15.
Michael will serve as an adviser to interim CEO Seth Hamot during that period, and Michael will do that work from his home office beginning Sept. 15, according to documents Spy filed with the SEC. Hamot, who is Chairman of the Board of Directors, is also a major investor in Spy.
In 2016, Michael will work as consultant to the company and will be paid $7,500 per month.
Michael made a lot of progress rebuilding the Spy brand and improving top and bottom line results since he was named CEO in December 2011.
Hamot sent us the following comment about Michael's departure:
"MMX has done a great job for Spy for almost five years and the entire organization owes him a great deal of thanks. We are a much better brand than we were when he started here, and lots of that better positioning and point of view has to do with MMX's leadership and creativity. We are HAPPY to have been associated with him!" (Please tell me you get the reference...)
"While interim CEO, I am also leading the search for a replacement for MMX. We are seeking an experienced leader in either the action sports, eyewear, or accessory industries. That experience includes having been in the senior leadership of a stand alone firm or division of a larger company, either having grown to over $100 million in sales. We seek a highly creative leader who has proven sales management skills and a demonstrated commitment to PnL discipline."