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Deckers Outdoor (DECK) Story Heats Up after Martinez Replaced as Chairman Amid Political Ambitions

August 31, 2017 5:46 PM EDT

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Activist investor Mick McGuire of Marcato Capital received a move in the right direction in his pursuit to get Deckers Outdoor (NYSE: DECK) sold after it was announced Thursday evening that Chairman and former CEO, Angel Martinez, would step down as Chairman of the UGG-maker.

McGuire was critical of Mr. Martinez's current run for mayor of Santa Barbara, CA, calling his political ambitions a "distraction."

The Board of Deckers appears to agree with McGuire's thinking and decided it was time for a rotation at the top. Martinez will continue to serve as a director of the company.

John Gibbons, who was appointed to replace Martinez as Chairman, is Deckers' lead independent director and has been described as "very capable."

This news comes at an important time for the company which has been reviewing strategic alternatives since April with the help of bankers at Moelis & Company.

The Chairman move is said to be unrelated to the sale process, which is said to be "ongoing."

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