Deckers shareholders voted to keep the company's Board intact, defeating activist investor Marcato whose Board nominees wanted to make changes to the company that included selling off its Hoka, Teva and Sanuk brands.
Activist hedge fund Marcato Capital Management said on Monday it cut the number of nominees to Deckers Outdoor Corp’s board amid a prolonged proxy fight in which Marcato is seeking major changes at the Uggs boot maker.
Deckers Brands filed a letter to stockholders on Friday touting the company’s turnaround strategy, a move against activist shareholder Marcato Capital Management, which is seeking drastic changes to the company.
Dr. Martens has announced that its chief executive officer Steve Murray is leaving the company to enable the “next phase of its history”. Chairman Paul Mason will take over until a new chief executive is appointed.
Activist investor Marcato Capital Management on Tuesday warned Deckers Outdoor that it seeks to shake up management and the board by replacing all directors unless the footwear maker sells itself at an attractive price.
The California-based footwear company, which owns brands such as Uggs and Teva, saw net sales fall 2.4% to $369.5 million in its 4th quarter but surprised investors with higher revenues and an unexpected profit.