American Apparel CEO Charney Increases Stock, Company Hires New Business Development Officer

The Los Angeles Times is reporting that Dov Charney, CEO and chairman of the board of American Apparel, has purchased an additional 1.8 million shares of the company's stock.

The purchase, which was above market price at $1.11 per share, increased Charney's stake in the company to 54 percent. American Apparel's stock price jumped 9 percent on the news Monday.

Last week, American Apparel officially announced the hiring of Martin Staff as the company's new business development officer, as previously rumored in early March. Staff, who previously found fame working with Hugo Boss and Calvin Klein, will serve an initial term of three years where he will oversee changes to the company's clothing line with additions such as men's buttoned shirts. Staff joins other recent hires John Luttrell, previously of Old Navy, and Tom Casey, former executive at Blockbuster.

For more information, visit www.americanapparel.net.