On May 3, William Sweedler resigned as executive chairman of the struggling Sequential Brands Group, which has been granted a waiver on its credit covenant defaults until June 7. The board of directors has elected one of its members, Silvia Mazzucchelli, as chairwoman. The company’s chief financial officer, Lorraine DiSanto, has been appointed as principal executive officer. DiSanto joined the company on Oct. 27, 2020.

The company said that Sweedler’s resignation ”did not involve a disagreement with the company on any matter relating to its operations, policies or practices.”

Sweedler, who was already chairman, became executive chairman on Oct. 27, 2020 after the departure of Sequential Brands’ CEO, David Conn, who had only been in the job since Jan. 6, 2020.