Kenneth Cole, chairman and chief creative officer of Kenneth Cole Productions will now be the holder of approximately 46% of the company's common stock and will have 89% of the voting power.
Kenneth Cole Productions' board of directors has formed a special committee of independent directors to consider a non-binding proposal from Kenneth Cole, chairman and chief creative officer, that would take the company private.
Jill Granoff is stepping down as CEO of Kenneth Cole Productions. According to a company press release the decision was a mutual agreement between Granoff and the board of directors.