John Moretz has been appointed Chairman of the Board effective immediately to replace Mr Fitzgibbon, the Chairman for the past 3 years.
Mr Moretz has been a board member of the corporation since 2014.
"Since joining as Chairman, Mr Fitzgibbon was able to attract a new management team and enhance the board of directors. This, combined with his vision, enabled Neptune to achieve a significant turnaround and improvement in both its results and financial position."
"We wish Pierre the best in his new endeavours," said John Moretz, Chairman.
About John Moretz: Mr Moretz currently serves as Chief Executive Officer and President of Moretz Marketing, LLC, and is Managing Director for Kathy Ireland, LLC.
In addition, he is the Managing Director for various real estate entities, including LaMoe, LLC and Moretz Mills, LLC.
Mr Moretz spent 39 years in the hosiery industry. He served as the Chairman and Chief Executive Officer of Gold Toe Moretz Holdings Corp. and its subsidiaries prior to its acquisition by Gildan Activewear in 2011. Mr Moretz also founded Moretz Marketing in 1987 to create and manage lifestyle brands and create licensing opportunities.