Mat Vlasic had run Bravado, the merchandising division of Universal Music Group, since 2016. (Getty Images)

Mat Vlasic has resigned as CEO of Bravado, the merchandising company of Universal Music Group, a spokesperson for the company confirmed.

“Mat Vlasic informed the company that he is stepping down from his role as CEO of Bravado, our global merchandising division.  John Habbouch, Bravado’s General Manager and CFO, will assume interim leadership until a successor CEO is named,” UMG’s statement reads.

The sudden resignation, reported Oct. 22 by Billboard, came two days after Universal Music Group released a third quarter earnings report showing that Bravado had taken a big hit because of the coronavirus pandemic, with merch sales sinking by nearly half during the period from July to September. Year to date through September, revenue has dropped 42.3%, Billboard reports.

Vlasic took the helm at Bravado in 2016 after having founded Sony Music Entertainment’s consumer products and artist merchandise division. He’d been with Sony for 13 years before joining Bravado.

His tenure at Bravado included a 2017 deal with the Prince estate and acquiring Epic Rights and its roster of artists, including Kiss, Britney Spears, Aerosmith, ‘N Sync, Def Leppard, Billy Joel and David Bowie, according to Variety. The company also opened The Rolling Stones’ permanent shop in London in August.

This story originally appeared on Pollstar.com.