Deckers Outdoor Corporation received a NASDAQ Staff deficiency letter on October 3, 2005 indicating that the Company fails to comply with the independent director requirement for continued listing set forth in NASDAQ's Marketplace Rules, which require a listed company to have a majority of independent directors serving on its board.
As a result of President and Chief Executive Officer Angel Martinez's appointment to the Board of Directors on September 16, 2005, the Company's Board presently has six members, composed of three independent directors. NASDAQ has requested the Company to provide, on or before October 18, 2005, a specific plan and timetable to achieve compliance with Marketplace Rule 4350(c)(1).
Doug Otto, Chairman of the Board, stated “We have initiated a search for a new independent director and we intend to be fully compliant as soon as possible.”
