Nautilus Inc. said in a filing with the Securities & Exchange Commission that Gerard L. Eastman is resigning from its board effective Dec. 31 and will be replaced by Craig L. McKibben.
Both men are described in company documents as managing directors with Sherborne Investors LP and related affiliates.
Sherborne, which holds 32.1 percent of the company’s stock, took a
controlling interest in Nautilus after winning a Dec. 2007 proxy battle
that ultimately yielded the investment firm two seats on the board.
One of those board seats is held by Edward Bramson, who led the proxy fight and eventually took over as chairman and CEO.
In its SEC filing, Nautilus said “disinterested” members of the board
in February approved an agreement to pay Sherborne $20,000 per month
for use of its New York office space, and administrative, information
technology and communications services to support Bramson.
