Deckers seeks advisers to defuse boardroom tension
29/11/2017
The group has been locked in a battle with shareholder Marcato Capital Management, which has accused Deckers management of “presiding over a failed business strategy that has led to a precipitous decline in profit margins”.
Earlier this year, Marcato nominated 10 candidates to replace the entire Deckers board after growing frustrated by the delay in finding a buyer for the group.
In response, Deckers has hired a recruitment agency to help with the board refreshment process as two members step down.
“We have always been and remain committed to strong governance practices that support stockholder value creation,” said chairman John Gibbons.
“The board has been actively engaged in a search for new directors with the demonstrated expertise and backgrounds necessary to guide our ongoing, successful transformation. Identifying individuals with the right knowledge and experience to maximise our board’s effectiveness is a top priority.
"To that end, and given our ongoing commitment to represent all of our stockholders, the board intends to actively seek input from our significant stockholders, in addition to retaining a leading director search firm.”
The appointments are expected to be made before its Annual Meeting in September 2018.
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