Kenneth Cole shares drop after CEO resigns

chart_ws_stock_kennethcoleproductionsinc.top.pngClick the chart for more data on Kenneth Cole Productions. By Ken Sweet, contributing writer


NEW YORK (CNNMoney) -- Kenneth Cole Productions' (KCP) shares fell 9% on Monday after the company announced its CEO Jill Granoff was resigning, effective immediately.

The unexpected announcement came at the same time as the fashion house posted a $2.7 million loss, or 15 cents a share, as revenue declined 11% to $120.8 million in the company's fourth quarter.

The fourth quarter is typically the biggest earnings period for fashion companies because of the Christmas holiday shopping season.

The company's namesake and "chief creative officer" Kenneth Cole said it was a "mutual decision" that Granoff was leaving the company. Granoff also resigned her seat on the company's board of directors.

A long-time fashion industry executive, Granoff left her position at Liz Claiborne (LIZ) to take control of Kenneth Cole in April 2008. Granoff ran the company through the financial crisis and subsequent recession; and despite the recent economic recovery, Kenneth Cole shares are down nearly 30% since she took the reins.

Kenneth Cole Productions said fashion executive Paul Blum would return as interim CEO after a four-year stint as CEO of jewelry house David Yurman.

Kenneth Cole shares were down $1.19, or 8.5%, to $12.79 in mid-day trading. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 -0.03 -1.27%
Data as of 2:15am ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19

Sections

New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More

Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More

Forums in dark corners of the web sell the kinds of hacks that befell Sony. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.