trending Market Intelligence /marketintelligence/en/news-insights/trending/tCq8RAgsDaum6UTquFe-3A2 content esgSubNav
In This List

Deckers defeats board challenge by Marcato Capital

Blog

Insight Weekly: Unease roils markets; US likely to slip into recession; firms' cash ratios fall

Blog

Christopher & Banks Corporation – tracking the early-warning signals of credit risk

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Deckers defeats board challenge by Marcato Capital

Footwear company Deckers Outdoor Corp. said Dec. 14 that its shareholders re-elected all nine of the company's directors, based on a preliminary vote count following its annual stockholder meeting.

The move defeated an effort by activist hedge fund Marcato Capital Management LP to get seats on Deckers' board. Marcato has an 8.5% holding in Deckers, which includes UGG boots and Teva sandals in its product portfolio.

The San Francisco-based fund had argued that its board nominees would help improve Deckers' performance, claiming that the company's underperforming stock and falling profit margins were due to an alleged lack of board oversight.

Marcato initially sought all nine seats on Deckers' board but scaled that back to three.

John Gibbons, Karyn Barsa, Nelson Chan, Michael Devine III, John Perenchio, David Powers, James Quinn, Lauri Shanahan and Bonita Stewart were re-elected to the board of the California-based company.