Friday, 31 October 2014
Last updated 8 hours ago
Jan 2 2008 | 12:39pm ET
New York-based hedge fund Sherborne Investors has won its proxy battle for control of fitness equipment maker Nautilus.
The Vancouver, Wash.-based concern, which markets the Bowflex line of exercise machines, among others, acknowledged that Sherborne’s four candidates had won election to its seven-member board, on Dec. 18. Among those failing to win reelection were Chairman and CEO Robert Falcone.
The new board members elected Sherborne managing partner Edward Bramson chairman. But in spite of their victory, and the vitriol generated by the proxy battle, the new Bramson-led board did not dismiss Falcone from his positions as president and CEO.
“We appreciate the support of our fellow shareholders and look forward to working with the new board and management to implement an effective strategy at Nautilus to return it to profitability and establish a platform for future growth,” Bramson said in a statement.
Nautilus would not say how large the Sherborne nominees’ margin of victory was.
In addition to Bramson, Sherborne’s Gerard Eastman, former ICOS Corp. CFO Michael Stein and former PetsHotel general manager Richard Horn joined the company’s board.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.