Updates

Latest Entries

Deciem Founder Brandon Truaxe Has Been Ousted

A Canadian judge ruled Friday morning to oust Deciem founder Brandon Truaxe.
The judge granted an injunction from the Estée Lauder Cos. Inc., seeking to have Truaxe removed and co-ceo Nicola Kilner appointed the sole, interim ceo. The injunction followed Truaxe’s Monday Instagram post where he unilaterally shut down the business.
Tuesday, stores started closing, and Wednesday afternoon, Lauder — which owns a 28 percent stake in the business — filed for an injunction in Canada, seeking to oust Truaxe from the company’s board and his ceo position (he referred to himself as “worker,” not ceo). Andrew Ross, executive vice president of strategy and new business development at Lauder, and Pasquale Cusano, are now the company’s only board members.
Deciem is expected to be up and running as soon as possible — that includes reopening the stores.
The judge’s decision Friday removes Truaxe from his role after months of publicly erratic behavior – much of it, posted on Instagram from his own and Deciem’s branded accounts.
In the suit, Lauder claimed that Truaxe’s decisions — which included sending an e-mail blast Monday firing Kilner and chief financial officer Anand Khanzode — was “causing irreparable harm to Deciem’s business, and chaos and confusion for Deciem’s employees, customers, consumers, suppliers, landlords

Follow WWD on Twitter or become a fan on Facebook.

Read More…

Via:: https://wwd.com/beauty-industry-news/beauty-features/brandon-truaxe-ousted-from-deciem-1202877953/