Deckers Outdoor Corporation received a NASDAQ Staff deficiency letter on October 3, 2005 indicating that the company failed to comply with the independent director requirement for continued listing set forth in Marketplace Rule 4350(c)(1), which requires a listed company to have a majority of independent directors serving on its board.
As a result of president and CEO 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.”
Deckers Outdoor Corporation builds niche products into global lifestyle brands by designing and marketing innovative, functional and fashion-oriented footwear, developed for both high performance outdoor activities and everyday casual lifestyle use. The company's products are offered under the Teva, Simple and UGG brand names.