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.