NEW YORK NexCen Brands Inc., the franchisor of Maggie Moo's and other treat brands, on Wednesday announced several executive hires, including the appointment of Mark Stanko as chief financial officer.
Stanko succeeds Kenneth J. Hall, who was named chief executive in August following the resignation of Robert D'Loren. In addition to his new post, Stanko retains his responsibilities as CFO of NexCen's Franchise Management subsidiary. Stanko joined NexCen in April after serving as regional controller of Levitt Corp.
NexCen also appointed William Dolan to the new position of assistant controller. In addition, Martin Amschler was promoted to the post of chief development officer for NexCen Franchise Management, and Pam Price was named vice president of domestic development for the franchising division.
The executive reshuffling comes as NexCen works to reverse financial troubles that began to snowball in May, when the company disclosed it faced a liquidity crisis. Since then, NexCen has restructured its debt with lender BTU Capital Corp. and sold its Waverly home furnishings retail brand in a $26 million deal in October. NexCen also said it has signed multiyear agreements that call for 160 new international franchised stores.
In September, NexCen reported that revenues for its franchising business more than doubled in the second quarter ended June 30, primarily because of new franchise sales. NexCen posted franchise revenue of $12 million, compared with $4.7 million in the year-ago second quarter.
NexCen currently franchises 1,895 locations of the Marble Slab Creamery, MaggieMoo’s, Pretzel Time, Pretzelmaker and Great American Cookies brands. The company also owns such retail brands as The Athlete's Foot and Bill Blass.
