Golfsmith International Holdings, Inc. announced that on January 23, it received a letter from the Nasdaq stock exchange that it was in violation of listing requirements. The reason given was that the company doesn't have an audit committee of at least three independent directors. The Nasdaq provided the company with a cure period until July 7, 2008 in order to regain compliance.


 


On January 9, 2008, Martin E. Hanaka, the company’s chairman, was appointed as its interim CEO. Upon taking this position, Hanaka stepped down as a member of the Audit Committee in order to comply with the audit committee independence requirement as set forth in NASDAQ Marketplace Rule 4350, leaving two directors on that Committee. The company expects to fill the vacancy created by Mr. Hanaka’s resignation from the Audit Committee prior to July 7.


 


Golfsmith operates 74 stores.