Lew Shapiro and the Cross America Investors Clubs recently sent a letter to Quiksilver demanding, as shareholders, the resignation of Mr. Bernard Mariette and any employees appointed by him. The letter also demanded that Quiksilver sell the Rossignol business.
The letter also stated, “As skiers, we faced deep deception with the negative performance of the Rossignol management team created by Mr Mariette. Total lack of charisma, local political corruption in Moirans, non performance of the winter call-center, total retirement from prestige, brand promotion, racing effectiveness, quality advertising, product design, poor relationships with the European retailers, (and) weakness in new markets opening ”
The letter made several tough accusations towards Mr. Mariette and the executives he has hired over the past year. In addition, the shareholders cited the financial performance of Quiksilvers stock as the main reason for their concerns.