Marcato Capital Management LP, an activist investor with a 6.1 percent stake in Deckers Brands’ shares, has made good on its promise to nominate a full slate of new directors to replace the Ugg parent’s existing board.
The activist hedge fund today nominated 10 new members — including L.L. Bean SVP and chief marketing officer Steve Fuller; David’s Bridal president and CEO Robert Huth; Ralph Lauren head of global human resources Mitchell Kosh; and former Michael Kors executive Anne Waterman — to replace Deckers’ current board at the company’s annual shareholder meeting on Dec. 14, 2017.
In connection with the nominations, Marcato also sent a letter to Deckers’ board — echoing similar sentiments of a letter the activist investor sent to the company in June — criticizing the company’s “ongoing underperformance and failure to take corrective actions to improve profitability and shareholder value.”
“Deckers has enjoyed a strong, profitable brand with Ugg for many years, yet has failed to translate this enviable position into growth in earnings and shareholder value,” Marcato Managing partner Mick McGuire said in a release today. “Given the company’s significant underperformance compared to peers, coupled with the board’s failure to take the necessary corrective strategic action, we believe change