The retailer’s board will mostly be replaced as Standard General lends up to $25 million to the company. There’s a still a chance Charney could return as CEO.
Osmium Partners has successfully removed four members of the Spark Networks board after a contentious battle.
It doesn’t look as though Charney will be returning as the CEO of American Apparel any time soon, but he’s found a way to get some of what he wants.
Investor discontent for executive compensation packages has caught many corporate boards off guard, particularly since stock prices are generally up, experts say.
Corporate boards will typically tolerate a founder’s eccentricities, and even bad behavior, as long as the business is performing well. But as performance declines, so too does tolerance.
Sources dismiss reports the company is up for sale. They say the newly surfaced video of Dov Charney dancing nude with a potential employee wasn’t part of the board’s decision.
Darden says its sale last month of the seafood restaurant chain for $2.1 billion was full and fair. Activist investors say it was a scorched earth tactic meant to save the jobs of executives. A showdown is set for the company’s annual meeting later this year.
Barington Capital announced its support of a shareholder vote to kill the “fire sale” of Red Lobster to the private equity firm Golden Gate Capital. “Blatant disregard for shareholder interest.”
CtW Investment Group said shareholders should withhold support for two directors, citing close ties to the company’s controlling Greenberg family and troubling run-ins with financial regulators.
The teen retailer’s future direction will be determined over the next four months.
The teen retailer today promoted its chief financial officer, Jonathan Ramsden, to the role of chief operating officer. Abercrombie may be getting its house in order to court buyout offers.
The company announced that Jeffries, CEO since 1992, will no longer be the company’s chairman and that it’s adding three new directors with retail experience to its board. Updates with response from Engaged Capital.
Manny Mashouf figured out a way to boost his salary as Bebe’s chairman after stepping down as CEO in January.
Turns out being a relative or associate of an Urban Outfitters executive or board director is pretty lucrative.
Matthew Smith, the life partner of Abercrombie & Fitch CEO Michael Jeffries, wields as much power and influence as any executive at the publicly traded company. Only problem is, he isn’t employed by and holds no official role at A&F, which has raised corporate governance concerns among company executives.