Steven Madden Ltd. Names Interim Chairman

Shoe designer and retailer Steven Madden Ltd. named a new chairman after its founder and current chairman was arrested on charges of securities fraud the day before. The company said Steven Madden will remain chief executive but will temporarily relinquish his role as chairman. The board tapped Charles Koppelman, former chairman of EMI Records’ North-American operations, as temporary chairman. The move comes a day after Koppelman, 50, was named chairman of Worldwide Entertainment & Sports Corp., a firm that aims to manage the careers of professional athletes. Madden was arrested Tuesday on charges of manipulating a string of new stock offerings, including the one for his own company in 1993. He has denied the charges. Steven Madden shares fell $1.94 to close at $11.19 on Nasdaq.