Black Diamond Inc. disclosed that CEO in waiting Zeena Freeman resigned from the company June 3 due to its decision earlier this year to consider selling off its brands. It also disclosed that CEO Peter Metcalf resigned from the company's board of directors May 29 to ensure compliance with NASDAQ listing requirements.
Freeman signed an employment agreement Aug. 11, 2014 that called for her to replace Black Diamond Founder and CEO Peter Metcalf as CEO this month, but the company announced in April that is was exploring the sale of Black Diamond Equipment, including the PIEPS brand, and the POC brands in two separate transactions.
Black Diamond said it will make the payments and provide the benefits to Freeman set forth in the employment agreement as though there were a termination due to a change in control of the company as defined in the agreement.
Metcalf and Freeman resigned their board positions on May 29 and June 3 respectively.
“Mr. Metcalf's and Ms. Freeman's respective decisions to resign from the Board of Directors were not the result of any disagreements with the Company, but rather, they each agreed to voluntarily resign as directors of the company in order to allow the company to comply with the NASDAQ Stock Market listing requirement that a NASDAQ-listed company's board of directors consist of a majority of “independent directors” as set forth in such listing requirements.”