Activist Investors Withdraw Proxy Battle Against Perry Ellis

May 26 2015 | 9:01am ET

Several activist investors that were targeting Perry Ellis International agreed to withdraw their board nominations after the company conceded to making changes on its board and to its CEO position last week.

Legion Partners Asset Management and the California State Teachers’ Retirement System, or Calstrs, had previously launched a proxy battle over three seats on the fashion retailer’s board of directors.

But the firm’s founder and CEO George Feldenkreis announced last week that he will step down from his position after his contract expires in 2016. Feldenkreis said that his son and COO Oscar Feldenkreis will be his successor. In addition to this shakeup, the firm said that two board directors will retire as well. 

The activist investors supported the firm’s nominations of former PVH Corp. CEO Bruce J. Klatsky, former Tween Brands CEO Michael W. Rayden, and Oscar Feldenkreis to its board.

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