Marcato Capital Management LP, the San Francisco-based investment manager that is trying to replace the of Deckers Brands with its own candidates, issued a statement following Deckers’ announcement that it intends to appoint at least two new independent directors by its 2018 Annual Meeting of Stockholders.
Marcato owns approximately 8.4 percent of the outstanding common shares of Deckers Outdoor Corporation.
The statement reads:
“Deckers’ announced intention to add new directors is a desperate attempt to avoid accountability for failing to achieve its strategic goals over a period of multiple years. If anything, Deckers’ announcement is a clear admission that the current Board lacks the skills, insight, and oversight required to properly lead the company. The fact that this announcement comes just weeks before Deckers’ 2017 contested Annual Meeting further underscores the clear contempt the incumbent directors have towards the corporate governance process – once again doing as little as possible, at the slowest pace possible, and at the last moment possible. Deckers’ stockholders deserve the right to select directors for themselves, and should not leave this important decision to a Board that has failed them time and time again.
“Furthermore, it must be recognized that recently departed Chairman and former CEO, Angel Martinez, demonstrated his lack of confidence in Deckers’ Board and strategic plan – selling nearly half of his shares, valued at approximately $9 million, less than two weeks after stepping off of the Board. Why would the former Chairman and CEO be selling his shares if he believed in this Board, this plan, and the company’s ability to perform?
“The fact that Deckers’ Board continues to waste stockholder capital on an expensive and time-consuming proxy contest when an effective solution has been presented, inherently represents why full-scale Board change is required. Instead, the current Board has been dismissive of our highly experienced and qualified slate, which includes nominees with fresh perspectives and strong fashion, apparel, retail, marketing and financial expertise. Deckers stockholders deserve directors who believe in the future success of the company – directors with requisite skillsets who will provide proper oversight of management, act with urgency and whose interests are aligned with those of all stockholders. We urge stockholders to vote GOLD in support of Marcato’s nominees, who if elected, will execute a business strategy that ensures Deckers’ brand equity is translated into significant long-term value creation.”
