New president at Algo Group
Marc Kakon recently resigned as president and CEO of Canada-based Algo Group Inc. but is to remain a director of the company, while Isaac Mimran has been appointed president and CEO.
Mr Mimran, who was elected as a director of the company at its September shareholders' meeting is also the president of a privately-owned payment processing company.
A subsidiary corporation owned by Algo and Mr Mimran, has signed a five-year license agreement with Phat Fashions LLC for the import, marketing and distribution of apparel, intimates, outerwear, shoes and accessories to be sold in Canada under the Phat Farm and Baby Phat brands. This division is expected to start selling goods for spring 2008 and to generate an annual sales volume of between $8 million and $10 million.
