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Nominations for Deckers’ Board of Diretors

Sep 21, 2017 United States
Nominations for Deckers’ Board of Diretors
Marcato Capital Management, a key investor in Deckers Brands, has nominated 10 candidates to replace the Board of Directors of the footwear group
As previously announced in April, the Deckers Board is reviewing a broad range of strategic alternatives to enhance stockholder value.

Earlier in the summer, Marcato, owner of a 6% stake in Deckers, has confirmed that they would be willing to propose new candidates for the Board of the Deckers group and now the footwear giant has confirmed reception of the nominations from Marcato, adding that all proposed candidates will stand for election to the board of directors at the company’s annual shareholders meeting in December.

The company added that the nominations will be carefully reviewed and Marcato’s candidates as it would any other potential directors to assess their ability to add value on the Board for the benefit of all stockholders: “Deckers welcomes open communications with its stockholders and values constructive input toward the shared goal of enhancing stockholder value. Although we engage regularly with our stockholders, it is Deckers’ policy not to comment on discussions with individual stockholders. However, it is important to note that members of the Board and senior management team have held a number of discussions with Marcato during the past 8 months and those discussions remain ongoing. Deckers has a strong and independent Board, with 3 new directors who have joined since 2014. The Board believes that it has an appropriate mix of skills, experience and leadership to drive performance and provide effective oversight. At the same time, the Board will give full and fair consideration to the nominees proposed by Marcato”.

Deckers continues to aggressively move forward with its 100 million US dollars operating profit improvement plan: in fiscal year 2018, Deckers expects to achieve net savings in excess of 30 million US dollars, and is targeting a similar cadence of savings each year through fiscal year 2020. To achieve this, Deckers is taking a number of actions to improve its gross profit margins, as well as its corporate overhead expense structure.

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