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December 15, 2017

Deckers retains entire board amid Marcato proxy spat

US apparel and footwear group Deckers Brands says a preliminary vote count following its 2017 Annual Meeting of Stockholders went in favour of re-electing all company board directors.

By Beth Wright

US apparel and footwear group Deckers Brands says a preliminary vote count following its 2017 Annual Meeting of Stockholders went in favour of re-electing all company board directors.

The news follows an ongoing spat between Deckers and activist investor Marcato Capital Management to replace the company’s entire board.

Earlier this year, the investment firm, which owns about 6.1% of Deckers, issued an ultimatum that if a strategic review process at the Ugg boot owner did not lead to a sale, it would replace the board in its entirety. In September, the firm nominated ten director candidates to stand for election to the board at yesterday’s meeting (14 December).

Marcato suggests new lineup for entire Deckers board

But now, Deckers says the preliminary count means all of its directors have been re-elected.

“We are very pleased with the outcome of today’s vote,” says the company. “On behalf of the entire Deckers Board and management team, we sincerely thank our stockholders for their valuable insight and support throughout this process. Today’s outcome reaffirms that we are on the right track. We remain focused on continuing our strategic transformation as we optimise our retail strategy, improve operating profits, refresh our board and return capital to stockholders.

Shares in the apparel and footwear group were down 5.38% after-hours.

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