Apparel importer Algo Group has appointed Isaac Mimran as the company's president and CEO.

He will replace Marc Kakon, who recently resigned as president and CEO of Algo but remains a director of the company.

Dan Elituv, chairman of Algo's board, thanked Kakon for his "leadership and skill in guiding Algo through difficult times".

He also commented on Mimran's appointment stating that "Algo's new president is charged with generating growth and profitability in the restructured businesses, and we expect Isaac's energy and knowledge to make this happen".

The company also said that a subsidiary corporation owned by Algo and Mimran has a five year license agreement with Phat Fashions LLC to market apparel, intimates, outerwear, shoes and accessories in Canada under the Phat Farm and Baby Phat brands.

This division is expected to commence sales for spring 2008 and to generate an annual sales volume of $8m to $10m, Algo said.